Question

A random sample of 226 houses in Hays were appraised. The mean value of the sample of houses was $83,510, with a standard deviation of $26,625. What would be the 95% confidence interval for the mean value of all houses in Hays?

		$82,900 to $84,730
		$81,790 to $85,920
		$80,031 to $86,989
		$79,550 to 87,470

Answer 1

The provided sample mean is and the sample standard deviation is . The size of the sample is n = 226 and the required confidence level is 95%.

The number of degrees of freedom is df=226−1=225, and the significance level is α=0.05.

Based on the provided information, the critical t-value for α=0.05 and df=225 degrees of freedom is tc = 1.970563

The 95% confidence for the population μ is computed using the following expression

Therefore, based on the information provided, the 95 % confidence for the population mean μ is

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