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In a sample of 10 CEOs, they spent an average of 12.9 hours each week looking...

In a sample of 10 CEOs, they spent an average of 12.9 hours each week looking into new product opportunities with a sample standard deviation of 4.9 hours. Find the 95% confidence interval. Assume the times are normally distributed. (8.0, 17.8) (9.9, 15.9) (9.4, 16.4) (11.1, 14.7)

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Answer #1

We have given that,          
          
Sample mean =12.9  
Sample standard deviation =4.9
Sample size =10  
Level of significance=   0.05  
Degree of freedom =9  
          
t critical value is (by using t table)=   2.2622  
          
Confidence interval formula is


=(9.4,16.4)          
          
          
          
Lower confidence limit=   9.4  
          
Upper confidence limit=   16.4  

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