(a)obtain a 95% confidence interval for u, the mean age of all U.S. millionaires. (b)Interpret the confidence interval obtained in part (a). (C)According to the confidence interval obtained in part (b), could you claim that average age of all U.S. millionaires is above 55 years? Explain your answer. (d)Determine the number of millionaires who should be picked to guarantee that the error of Xin estimating u is at most 0.5 years with 98% confidence.
(a)obtain a 95% confidence interval for u, the mean age of all U.S. millionaires. (b)Interpret the confidence interval obtained in part (a). (C)According to the confidence interval obtained in part (b), could you claim that average age of all U.S. millionaires is above 55 years? Explain your answer. (d)Determine the number of millionaires who should be picked to guarantee that the error of Xin estimating u is at most 0.5 years with 98% confidence.
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.3: Measures Of Spread
Problem 1GP
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Question
The following table gives the age (in years) of 36 randomly selected U.S.
millionaires. The sample
deviation of ages of all U.S. millionaires is 13.0 years.
(a)Obtain a 95% confidence interval for ?, the mean age of all U.S. millionaires.
(b)Interpret the confidence interval obtained in part (a).
(c)According to the confidence interval obtained in part (b), could you claim that average age of all U.S. millionaires is above 55 years? Explain your answer.
(d)Determine the number of millionaires who should be picked to guarantee that the error of ?̅in estimating ? is at most 0.5 years with 98% confidence.
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