(b) Discuss the advantages of working with larger sample size for making inference.3. The average monthly payment of a house insurance policy is 273$. This is estimated by using a samplehaving 45 insurance policies. Also, the sample standard deviation is 65$.(a) For the 95% confidence, compute the margin of error for i as point estimate to population mean.(b) Determine the 95% confidence interval estimate of the population mean.Turkish st atistical institute reportsthat the average spending made by foreign tourists is 642$ in 2019

Given data,x=273s=65n=45α=0.05df=n-1=44t-critical value is tc=2.015

3. The average monthly payment of a house insurance policy is 2738. This is estimated by using a sample having 45 insurance policies. Also, the sample standard deviation is 658. (a) For the 95% confidence, compute the margin of error for as point estimate to population mean. (b) Determine the 95% confidence interval estimate of the population mean.

3. The average monthly payment of a house insurance policy is 2738. This is estimated by using a sample having 45 insurance policies. Also, the sample standard deviation is 658. (a) For the 95% confidence, compute the margin of error for as point estimate to population mean. (b) Determine the 95% confidence interval estimate of the population mean.

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter8: Sequences, Series, And Probability

Section8.7: Probability

Problem 58E: What is meant by the sample space of an experiment?

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