A survey of 37 randomly selected iPhone owners showed that the purchase price has a mean of $670 with a sample standard deviation of $34. (Use z Distribution Table.)
Sample size, n = 37
mean = $670
sample standard deviation = s = $34
Compute the standard error of the sample mean.
Compute the 99% confidence interval for the mean.
At 99% confidence interval and df = n - 1 = 37 - 1 = 36
t_c = 2.7195
The 99% confidence interval is given by:
CI = ( 670 - 15.2, 670 +15.2)
CI = ( 654.8, 685.2 )
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