As part of an annual review of its accounts, a discount brokerage selects a rand
ID: 3291114 • Letter: A
Question
As part of an annual review of its accounts, a discount brokerage selects a random sample of 29 customers. Their accounts are reviewed for total account valuation, which showed a mean of $35,600, with a sample standard deviation of $8,500. (Use t Distribution Table.)
What is a 99% confidence interval for the mean account valuation of the population of customers? (Round your answers to the nearest dollar amount.)
What is a 99% confidence interval for the mean account valuation of the population of customers? (Round your answers to the nearest dollar amount.)
Explanation / Answer
The statistical software output for this problem is:
One sample T summary confidence interval:
: Mean of population
99% confidence interval results:
Hence,
99% confidence interval for the mean account valuation is between $ 31238 and $ 39962
Mean Sample Mean Std. Err. DF L. Limit U. Limit 35600 1578.4104 28 31238.438 39961.562Related Questions
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