Solution-Confidence interval for the population mean income

Confidence interval for the population mean income

Reference no: EM131442519

A random sample of 10 individuals was performed that recorded each individual's income. The sample mean was found to be 45 and sample standard deviation was 20 (both measured in thousands of dollars). What is the bound on the error of estimation (or margin of error) for the 95% confidence interval for the population mean income?

Your answer should be correct to three decimal places.

Reference no: EM131442519

Questions Cloud

The current exchange rate for the brazilian re : The current exchange rate for the Brazilian real is 3.85 BRL per US dollar. The current exchange rate for the British pound is 0.69 GBP per US dollar.

What is the discount yield and bond equivalent yield : What is the discount yield, bond equivalent yield, and effective annual return on a $1 million T-bill that currently sells at 97 3/8 percent of its face value and is 65 days from maturity?

Determine what his monthly payment needs to be : Professor Brain is going to work for the next 25 years and then retire. At the end of the 25th year he would like to withdraw $80,000 per year from an investment account until the end of the 50th year (26 withdrawals). At the end of the 51st year he ..

Assume the annual return for the lowest turnover portfolio : Assume the annual return for the lowest turnover portfolio is 18?% and the annual return for the highest turnover portfolio is 11?%. If you invest ?$102,000 and have the highest? turnover, how much lower will the value of your portfolio be at the end..

Confidence interval for the population mean income : What is the bound on the error of estimation (or margin of error) for the 95% confidence interval for the population mean income?

Compute national income from the gdp : Using the data in Exhibit 11, compute national income (NI) by making the required subtraction from the GDP. Explain why NI might be a better measure of economic prerformance than GDP.

Confidence interval for the population mean income : A random sample of 900 individuals was performed that recorded each individual's income. The sample mean was found to be 51 and sample standard deviation was 13 (both measured in thousands of dollars). What is the bound on the error of estimation ..

Liquidity risk at a financial intermediary is the risk : Liquidity risk at a financial intermediary (FI) is the risk

Which common core standard or early learning standard : ECE 430- Identify which Common Core Standard or Early Learning Standard you will address and which National Association for the Education of Young Children standard is being covered (in the Standards section of the template).

User Account

All Pages

Confidence interval for the population mean income

Reference no: EM131442519

Reference no: EM131442519

Questions Cloud

Reviews

Write a Review

Basic Statistics Questions & Answers

Statistics-probability assignment

What is the least number

Determine the value of k

What is the probability

Binomial distributions

Caselet on mcdonald’s vs. burger king - waiting time

Generate descriptive statistics

Sampling variability and standard error

Estimate the population mean

Conduct a marketing experiment

Find out the probability

Linear programming models

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT