Problem 2 young Suppose you select a random sample of 500 Florida residents and

Question

Problem 2 young Suppose you select a random sample of 500 Florida residents and found that the average age is 41.5 rears young. Assuming the population standard deviation is 35 years. Construct a 99% confidence interval. Find The median age for Florida residents is 40.7 years 17. The best point estimate of the population mean. 18. The standard error 19. The margin error (99% confidence) 20. The 99% confidence interval is (90% or 95% or 99%) confident that the population mean based on a sample of 21 . Interpretation. We are Florida resident age) lies betweern size and

Explanation / Answer

n = 500
mean = 41.5
sd = 35
z score for 99% 2.45

best point estimate of mean is 41.5 , using the central limit theorem

standard error is SD/sqrt(n) = 35/sqrt(500) = 1.565

the margin of error is given as
z*standard error

2.45*1.565 = 3.834

The 99% CI is

mean +- MOE
so

41.5 +- 3.834 =

37.66,45.33

Interpretation

we are 99% confident that the population mean lies between 37.66 and 45.33 based on sample size of 500

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