Question

In a survey, 31 people were asked how much they spent on their child's last birthday...

In a survey, 31 people were asked how much they spent on their child's last birthday gift. The results were roughly bell-shaped with a mean of $50 and standard deviation of $16. Construct a confidence interval at a 98% confidence level. Give your answers to one decimal place.

Math   Statistics-And-Probability   
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Answer #1

Solution :

Given that,

Z/2 = Z0.01 = 2.326

Margin of error = E = Z/2 * ( /n)

= 2.326 * ( 16 /  31 )

= 6.7

At 98% confidence interval estimate of the population mean is,

  ± E   

= 50  ± 6.7

= ( $ 43.3, $ 56.7 )

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