4.1. Jed Home Stores analyzed the value of purchases made on credit card by a random sample of 25 of their credit customers. The sample mean was found to be R170, with a sample standard deviation of R22. a) Estimate, with 95% confidence, the actual mean value of credit card purchases by all their credit card customers. b) Assume that 46 credit card purchases were sampled. Set 95% confidence limits for the actual mean value of credit card purchases at this home store (σ is unknown)
4.1. Jed Home Stores analyzed the value of purchases made on credit card by a random sample of 25 of their credit customers. The sample mean was found to be R170, with a sample standard deviation of R22. a) Estimate, with 95% confidence, the actual mean value of credit card purchases by all their credit card customers. b) Assume that 46 credit card purchases were sampled. Set 95% confidence limits for the actual mean value of credit card purchases at this home store (σ is unknown)
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.5: Comparing Sets Of Data
Problem 14PPS
Related questions
Topic Video
Question
4.1. Jed Home Stores analyzed the value of purchases made on credit card by a random sample of 25 of their credit customers. The sample mean was found to be R170, with a sample standard deviation of R22.
a) Estimate, with 95% confidence, the actual
b) Assume that 46 credit card purchases were sampled. Set 95% confidence limits for the actual mean value of credit card purchases at this home store (σ is unknown)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill