Computing population mean values

Assignment Help Basic Statistics

Reference no: EM13108629

Question: Families in the USA have a monthly magazine that discusses issues related to health and health costs. After surveying 23 of their subscribers, it was found that the annual health insurance premiums for a family with coverage through an employer averaged $11,400. The standard deviation of the sample was $1,032.

a) Based on this sample information, develop a 99% confidence interval for the population mean yearly premium. (Round up your answers to the next whole number)

Note: Confidence interval for the population mean yearly premium is between $ and $.

b) How large a sample is needed to find the population mean within $220 at 99% confidence?

Reference no: EM13108629

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