As part of an annual review of its accounts, a discount brokerage selects a rand
ID: 3260911 • 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 $33,500, with a sample standard deviation of $8,450. (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.)
What is a 98% 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 confidence interval:
: Mean of population
98% confidence interval results:
Hence,
98% confidence interval for the mean account valuation is between $ 29551 and $ 37449
Mean Sample Mean Std. Err. DF L. Limit U. Limit 33500 1596.8999 27 29551.41 37448.59Related Questions
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