in a random sample of 100 audited estate tax returns, it was determined they the
ID: 3154005 • Letter: I
Question
in a random sample of 100 audited estate tax returns, it was determined they the mean amount of additional tax owed was $3446 with a standard deviation of $2551. Construct and interpret a 90% confidence interval for the mean additional amount of tax owed for estate tax returns. A. the lower bound is$? B. the upper bound $? in a random sample of 100 audited estate tax returns, it was determined they the mean amount of additional tax owed was $3446 with a standard deviation of $2551. Construct and interpret a 90% confidence interval for the mean additional amount of tax owed for estate tax returns. A. the lower bound is$? B. the upper bound $? in a random sample of 100 audited estate tax returns, it was determined they the mean amount of additional tax owed was $3446 with a standard deviation of $2551. Construct and interpret a 90% confidence interval for the mean additional amount of tax owed for estate tax returns. A. the lower bound is$? B. the upper bound $?Explanation / Answer
Note that
Margin of Error E = z(alpha/2) * s / sqrt(n)
Lower Bound = X - z(alpha/2) * s / sqrt(n)
Upper Bound = X + z(alpha/2) * s / sqrt(n)
where
alpha/2 = (1 - confidence level)/2 = 0.05
X = sample mean = 3446
z(alpha/2) = critical z for the confidence interval = 1.644853627
s = sample standard deviation = 2551
n = sample size = 100
Thus,
Margin of Error E = 419.6021602
Lower bound = 3026.39784 [ANSWER]
Upper bound = 3865.60216 [ANSWER]
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