Company invoices. The mean amount Mu for all the invoices for your company last

Question

Company invoices. The mean amount Mu for all the invoices for your company last month is not known. Based on your past experience, you are willing to assume that the standard deviation of invoice amounts is about $260. If you take a random sample of 100 invoices, what is the value of the standard deviation for x bar Use the 68-95-99.7 rule. In the setting of the previous exercise, the 68-95-99.7 rule says that the probability is about 0.95 that x bar is within of the population mean Mu. Fill in the blank. An interval for 95% of the sample means. In the setting of the previous two exercises, about 95% of all samples will capture the true mean of all the invoices in the interval x bar plus or minus Fill in the blank.

Explanation / Answer

Confidence Interval
CI = x ± t a/2 * (sd/ Sqrt(n))
Where,
x = Mean
sd = Standard Deviation
a = 1 - (Confidence Level/100)
ta/2 = t-table value
CI = Confidence Interval

Margin of Error = t a/2 * (sd/ Sqrt(n))

[ANSWER] CI = x ± Margin of error

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