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ezto.mheducation com i Accounting Web Slice Gallery Sites suggérés Governor in council app eAlgonquin.ca 99 Names of A...teric Online AC live NelsonBrain - My Home login.aro Windows Google Personnaliser les liens BMO - Bank of...ine Banking Chegg Study Guided Solutions and Study Help Chegg.com Sign In or Sign Up | Chegg.com Chapter 8 Assignment Exercise 8-69 A survey of 39 randomly selected "iPhone" owners showed that the purchase price has a mean of $403 with a sample standard deviation of $160. Compute the standard error of the sample mean. (Round the final answer to the nearest whole number.) a. Standard error b. Compute the 95% confidence interval for the mean. (Round the final answers to 2 decimal places.) The confidence interval is between and $ How large a sample is needed to estimate the population mean within $11 at a 95% degree of confidence? (Round the final answer to the nearest whole number.) C. Sample size

Explanation / Answer

Ans:

Given that

sample size.n=39

sample mean=403

sample standard deviation=160

a)standard error of sample mean=160/sqrt(39)=26

b)t value for 95% CI and df=39-1=38 is 2.024

95% confidence interval for mean

=403+/-2.024*160/sqrt(39)

=403+/-51.86

=(351.14, 454.86)

(Note:as n>=30,we can use z multiplier 1.96 here,using z,CI will be (352.78,453.22))

c)

Sample size required,n=(1.96*160/11)^2=813

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