* can you please show all work so I can understand how to do it for final that i
ID: 3224344 • Letter: #
Question
* can you please show all work so I can understand how to do it for final that is coming up
6.) 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
n = 40 , s = 0.64 , mean = 2.31
a )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 * s / sqrt(n)
= 2.576 * (0.64 / sqrt(40))
= 0.261
c) Some data is missing in this question
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