Question

An important factor in selling a residential property is the number of people who look through the home. A sample of 16 homes recently sold in the Buffalo, New York, area revealed the mean number looking through each home was 23 and the standard deviation of the sample was 8 people.

   

Develop a 90% confidence interval for the population mean. (Use Table.) (Round your answers to 2 decimal places.)

   

  Confidence interval for the population mean is between  and .

Answer 1

Solution :

Given that,

Point estimate = sample mean = = 23

sample standard deviation = s = 8

sample size = n = 16

Degrees of freedom = df = n - 1 = 15

At 90% confidence level the t is ,

t _/2,df = t_0.05,15 = 1.753

Margin of error = E = t_/2,df * (s /n)

= 1.753 * (8 / 16)

= 3.51

The 90% confidence interval estimate of the population mean is,

- E < < + E

23 - 3.51 < < 23 + 3.51

19.49 < < 26.51

Confidence interval for the population mean is between 19.49 and 26.51