Question

In the city of New York, they randomly surveyed 50 people on how much money they...

In the city of New York, they randomly surveyed 50 people on how much money they have in their wallet. The results of the survey yielded a mean of $85 and a standard deviation of $52. Find a 90% confidence interval estimate of the mean number of dollars in all of the wallets of New Yorkers.

Math   Statistics-And-Probability   
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Answer #1

Solution :

t /2,df = 1.677

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

= 1.677 * (52 / 50)

Margin of error = E = 12.3

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

- E < < + E

85 - 12.3 < < 85 + 12.3

72.7 < < 87.3

(72.7 , 87.3)

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