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A local electronics firm wants to determine their average daily sales (in Dhs). A sample of...

A local electronics firm wants to determine their average daily sales (in Dhs). A sample of the sales for 36 days revealed average sales of 417,000 Dhs. Assume that the standard deviation of the population is known to be 36,000 Dhs.
The 94% confidence interval estimate for the average daily sales is (.................. , ....................). Round your answer to the nearest integer.

Math   Statistics-And-Probability   
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Answer #1

Solution :

Given that,

Z/2 = Z0.03 = 1.881

Margin of error = E = Z/2 * ( /n)

= 1.881 * ( 36000 /  36 )

= 11286

At 94% confidence interval estimate of the population mean is,

  ± E

417000   ± 11286

(405714 , 428286)

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