Question

Listed below are the amounts of net worth and millions of dollars of the 10 will be at celebrities in a country. construct a 90% confidence interval. what does the result tell us about the population of all celebrities? Do the data appeared to be from a normally distributed population as required?

243, 218, 193, 163, 162, 158, 155, 155, 150, 150

what is the confidence interval estimate of the population mean mu?

Answer 1

Since the sample size is not large, so the population must be normally distributed.

= (243 + 218 + 193 + 163 + 162 + 158 + 155 + 155 + 150 + 150)/10 = 174.7

s = sqrt(((243 - 174.7)^2 + (218 - 174.7)^2 + (193 - 174.7)^2 + (163 - 174.7)^2 + (162 - 174.7)^2 + (158 - 174.7)^2 + (155 - 174.7)^2 + (155 - 174.7)^2 + (150 - 174.7)^2 + (150 - 174.7)^2)/9) = 32.4

At 90% confidence interval the critical value is t^* = 1.833

The 90% confidence interval for population mean is

+/- t^* * s/

= 174.7 +/- 1.833 * 32.4/

= 174.7 +/- 18.781

= 155.919, 193.481