Question

#12 In a random sample of 100 audited estate tax returns, it was determined that the mean amount of additional tax owed was $3416 with a standard deviation of $2547. Construct and interpret a 90% confidence interval for the mean additional amount of tax owed for estate tax returns. LOADING... Click the icon to view the t-distribution table. The lower bound is $ nothing. (Round to the nearest dollar as needed.) The upper bound is $ nothing. (Round to the nearest dollar as needed.) Interpret a 90% confidence interval for the mean additional amount of tax owed for estate tax returns. Choose the correct answer below. A. One can be 90% confident that the mean additional tax owed is less than the lower bound. B. One can be 90% confident that the mean additional tax owed is greater than the upper bound. C. One can be 90% confident that the mean additional tax owed is between the lower and upper bounds.

Answer #1

t critical value at 0.10 level with 99 df = 1.660

90% confidence interval for is

- t * S / sqrt(n) < < + t * S / sqrt(n)

3416 - 1.660 * 2547 / sqrt(100) < < 3416 + 1.660 * 2547 / sqrt(100)

2993 < < 3839

**Lower bound = $2993**

**Upper bound = $3839**

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