* can you please show all work so I can understand how to do it for final that i
ID: 3223911 • Letter: #
Question
* can you please show all work so I can understand how to do it for final that is coming up
The rolling stones rock group formed in the 1960's and data of their tour earnings was collected. A random sample of 40 of their tour earning was collected and mean was $2.31 million. Assuming the population standard deviation is $0.64 million answer the following.
a) determine the 99% CI for the mean earning of all rolling stones concerts. Interpret answer both in practical and statistical ways.
b) determine the margin of error. Explain the meaning of d in this context in terms of accuracy of the estimate.
c) determine the sample size required to ensure that we can be 96% confident that µ is within $0.,billion of our estimated mean.
Explanation / Answer
c) please check the data in last question. I think data is not complete
a)
n =40 , mean = 2.31 , s = 0.64
z value at 99% CI = 2.576
CI = mean + / -z * ( s / sqrt(n))
= 2.31 + / - 2.576 *( 0.64 / sqrt(40))
= (2.049 , 2.571)
b)
Margin of error
z value at 99% CI = 2.576
ME = z * s / sqrt(n)
= 2.576 *( 0.64 / sqrt(40))
= 0.261
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.