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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.

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.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
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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The following table gives the age (in years) of 36 randomly selected U.S.
millionaires. The sample mean ?̅= 58.53 years. Assume that the standard
deviation of ages of all U.S. millionaires is 13.0 years.

(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.

 

picture shows 4 questions, only asking for D)

9. The following table gives the age (in years) of 36 randomly selected U.S. millionaires. The sample mean i = 58.53 years. Assume that the standard deviation of ages of all U.S. millionaires is 13.0 years. (See data on file: M07_Age_Millionaire_Q9.xlsx.) 31 45 79 64 48 38 39 68 52 59 68 79 42 79 53 74 66 66 71 61 52 47 39 54 67 55 71 77 64 60 75 42 69 48 57 48
Transcribed Image Text:9. The following table gives the age (in years) of 36 randomly selected U.S. millionaires. The sample mean i = 58.53 years. Assume that the standard deviation of ages of all U.S. millionaires is 13.0 years. (See data on file: M07_Age_Millionaire_Q9.xlsx.) 31 45 79 64 48 38 39 68 52 59 68 79 42 79 53 74 66 66 71 61 52 47 39 54 67 55 71 77 64 60 75 42 69 48 57 48
(a)Obtain a 95% confidence interval for u, the mean age of all U.S. millionaires. (b)lnterpret 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.
Transcribed Image Text:(a)Obtain a 95% confidence interval for u, the mean age of all U.S. millionaires. (b)lnterpret 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.
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