As part of an annual review of its accounts, a discount brokerage selects a rand
ID: 3366068 • Letter: A
Question
As part of an annual review of its accounts, a discount brokerage selects a random sample of 28 customers. Their accounts are reviewed for total account valuation, which showed a mean of $31,800, with a sample standard deviation of $8,700. (Use t Distribution Table.)
What is a 98% confidence interval for the mean account valuation of the population of customers? (Round your answers to the nearest dollar amount.)
As part of an annual review of its accounts, a discount brokerage selects a random sample of 28 customers. Their accounts are reviewed for total account valuation, which showed a mean of $31,800, with a sample standard deviation of $8,700. (Use t Distribution Table.)
Explanation / Answer
The statistical software output for this problem is:
One sample T summary confidence interval:
: Mean of population
98% confidence interval results:
Hence,
98% confidence interval will be:
(27735, 35865)
Mean Sample Mean Std. Err. DF L. Limit U. Limit 31800 1644.1455 27 27734.587 35865.413Related Questions
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