7. The average annual cost of the first year of owning and caring for a large do
ID: 3218458 • Letter: 7
Question
7. The average annual cost of the first year of owning and caring for a large dog is $1843 News and World Report, September 9, 2013). The Irish Red and White Setter Associati of America has requested a study to estimate the annual first-year for owners of tl breed. A sample of 50 will be used. Based on past studies, the population standard dev tion is assumed known with o $255. a. What is the margin of error for a 95% confidence interval of the m cost of the fi year of owning and caring for this breed? b. The DATAfile Setters contains data collected from fifty owners of Irish Setters on cost of the first year of owning and caring for their dogs. Use these data data set compute the sample mean. Using this sample, what is the 95% confidence interval the mean cost of the first year of owning and caring for an Irish Red and White Sette
Explanation / Answer
7. Solution:
Given n= 50, ?= 255
a) ?=0.05 , Z0.025= 1.96
margin of error E = Z0.025(255/sqrt(50))
= 1.96(255/sqrt(50))
= 70.6824
b) 95% confidence interval the mean cost of the first year of owning and caring for an Irish Red and White Sette is
CI = 1843 ± 70.6824
= (1772.3176, 1913.6824)
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