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1) For 31 randomly selected Rolling Stones concerts, the mean gross earnings is 2.61 million dollars....

1) For 31 randomly selected Rolling Stones concerts, the mean gross earnings is 2.61 million dollars. Assuming a population standard deviation gross earnings of 0.5 million dollars, obtain a 99% confidence interval (assume C-Level=0.99) for the mean gross earnings of all Rolling Stones concerts (in millions). Confidence interval: ___,___

2) correct interpretation for part 1 answers?

a. 99% chance that the mean gross earnings of all rolling stones concerts lies in the interval

b. 99% confident that the mean gross earning for this sample of 31 rolling stones concerts lies in the interval

c. 99% confident that the mean gross earning of all rolling stones concerts lies in the interval

d. none of the above

Solutions

Expert Solution

We have given that,                              
                              
Sample mean =2.61 million dollars.                       
Population standard deviation=0.5 million dollars.                   
Sample size=31                      
Level of significance =1-0.99=0.01                      
Z critical value (by using Z table)=2.58                      
                              
Confidence interval formula is


=(2.38,2.84)                              
                              
Lower confidence limit =2.38 million dollars.                   
Upper confidence limit =2.84 million dollars.       

c. 99% confident that the mean gross earning of all rolling stones concerts lies in the interval          

milcah answered 1 year ago
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