A study of the population average income in a certain area was conducted. A sample of...

A study of the population average income in a certain area was conducted. A sample of 25 households was selected at random for a poll. The sample based average annual income was found as (X-bar) = $53,600, with the sample standard deviation found as (S = $12,000). Assume that individual records are normally distributed with an unknown population standard deviation.

Estimate the population average income with the 99% confidence. Answer all questions below.

Critical Value =
Margin of Error =
Upper Confidence Limit =
Lower Confidence Limit =
Width of the Confidence Interval =

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Expert Solution

orchestra answered 1 year ago

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