Question

A study was conducted to estimate the mean age when people buy their first new car....

A study was conducted to estimate the mean age when people buy their first new car. The ages of purchase for 22 randomly selected people are given below. Assume the ages are approximately normally distributed. Use Excel to determine the 99% confidence interval for the mean. Round your answers to two decimal places and use increasing order.

Age 19 25 27 23 15 21 22 15 18 26 18 22 28 25 23 19 20 24 20 20 22 20

Math   Statistics-And-Probability   
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Answer #1

Solution:

c = 99% = 0.99

= 1 - c = 0.01

/2 = 0.005

n = 22

Sample values are 19 25 27 23 15 21 22 15 18 26 18 22 28 25 23 19 20 24 20 20 22 20

Find using excel function =average(select data)

Find s using = stdev(select data)

Find margin of error using function =CONFIDENCE(/2,s ,n) = CONFIDENCE(0.005,3.514962,22)

Interval is nothing but margin of error

  21.45455 2.103572

21.45455 -  2.103572 <    < 21.45455 + 2.103572

19.35   <    < 23.56

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