Calculate the 90%, 95%, and 99% confidence intervals. Interpret the results from
ID: 3269245 • Letter: C
Question
Calculate the 90%, 95%, and 99% confidence intervals. Interpret the results from your calculations.
Charlotte, NC
$110,532
Atlanta, GA
$111,096
New York, NY
$135,458
Miami, FL
$109,404
Washington, DC
$124,405
Greenville, SC
$109,178
Las Vegas, NV
$117,525
Houston, TX
$114,141
Raleigh, NC
$108,276
Phoenix, AZ
$111,773
Philadelphia, PA
$121,360
Columbia, SC
$105,682
Los Angeles, CA
$126,661
Portland, OR
$118,427
Seattle, WA
$123,390
Mean: 116,487.2
Median: 114,141
Standard Deviation: 8376.63
Mode: N/A
Charlotte, NC
$110,532
Atlanta, GA
$111,096
New York, NY
$135,458
Miami, FL
$109,404
Washington, DC
$124,405
Greenville, SC
$109,178
Las Vegas, NV
$117,525
Houston, TX
$114,141
Raleigh, NC
$108,276
Phoenix, AZ
$111,773
Philadelphia, PA
$121,360
Columbia, SC
$105,682
Los Angeles, CA
$126,661
Portland, OR
$118,427
Seattle, WA
$123,390
Mean: 116,487.2
Median: 114,141
Standard Deviation: 8376.63
Mode: N/A
Explanation / Answer
since sample size n=15<30, so we will use t-distribution
C.I.= mean+-t(1-alpha/2,n-1)*sigma/sqrt(n)
Excel formula:
Interpretation
100*(1-alpha)% CI is the interval between which we do the sampling we will get 100*(1-alpha)% times the true population mean.
90% CI lower= $ 112,677.77 Upper = $ 120,296.63 95% CI lower= $ 111,848.38 Upper = $ 121,126.02 99% CI lower= $ 110,048.78 Upper = $ 122,925.62Related Questions
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