In: Math
Solution :
Given that,
Sample size = n = 60
a.
Standard error = /
n = 2350 /
60 = 303.38
b.
Z/2
= 1.96
Margin of error = E = Z/2*
(
/
n)
= 1.96 * (2350 /
60)
Margin of error = E = 594.63
c.
At 95% confidence interval estimate of the population mean is,
- E <
<
+ E
24500 - 594.63 <
< 24500 + 594.63
23905.37<
< 25094.63
lower bounds = 23905.37
Upper bounds = 25094.63