A furniture company calculates actual sales versus projected sales ratio for a sample of 28 different products. The sample mean is 1.1 and the sample standard deviation is 0.12. a) Calculate a 95% confidence interval for the population mean. b) Assume that the population standard deviation is known to be 0.12. Calculate again the 95% confidence interval for the population mean. c) Are the two intervals calculated in the previous questions of roughly similar size? Explain.

A furniture company calculates actual sales versus projected sales ratio for a sample of 28 different products. The sample mean is 1.1 and the sample standard deviation is 0.12. a) Calculate a 95% confidence interval for the population mean. b) Assume that the population standard deviation is known to be 0.12. Calculate again the 95% confidence interval for the population mean. c) Are the two intervals calculated in the previous questions of roughly similar size? Explain.

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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