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Small Mean Problem. Grandfather clocks have a particular market in auctions.   You are given a random...

Small Mean Problem. Grandfather clocks have a particular market in auctions.   You are given a random sample of 20 purchases of grandfather clocks at auctions in Pennsylvania. The sample statistics are:

  • Mean = $1,343.04
  • Std Dev = $414.04
  • C.V. = 30.83
  • N = 20

You are asked to create a 90% Confidence Interval around the price for this sample.  

The BOE for this confidence interval is? I just want the answer. Use 3 decimal places for your answer and use the proper rules of rounding.

Math   Statistics-And-Probability   
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Answer #1

The BOE for this confidence interval is = Margin of error = 160.233

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