Question

How much money do winners go home with from the television quiz show Jeopardy? To determine an answer, a random sample of winners was drawn and money won by those winners is listed below. Construct a 95% confidence interval to estimate the mean winnings for all players on Jeopardy.

$26,650 $6,060 $52,820 $8,490 $13,660

$25,840 $49,840 $23,790 $51,480 $18,960

$990 $11,450 $41,810 $21,060 $7,860

Step 1

**Solution:**

**Confidence interval formula:**

Confidence interval = sample statistic ± margin of error

Where, margin of error = critical value × standard error of statistic.

For *n *< 30, the confidence interval is shown as follows

Step 2

**Computation of alpha:**

Here, confidence level is 95%.

α = 1−0.95

= 0.05

**Critical Probability:**

*p* = 1− α/2

= 1−(0.05/2)

= 0.975

**Degrees of freedom:**

*df* = n−1

= 15−1

= 14

**Sample Mean:**

The average money won by 15 winners is **24,050.67 **using the EXCEL formula**, **“=AVERAGE(A1:A15)”.

**Sample standard deviation:**

The sample standard deviation is **17,386.13** using the EXCEL formula, “=STDEV.S(A1:A15)”

**Computation of Margin of error:**

Critical value is **2.1448** using the EXCEL formula, “=T.INV(0.975,14)”

Step 3

**Computation of 95% confidence interval:**

95% confidence interval of the mean ...

Tagged in

Q: M Asigmnt Ose ook St hx Ch S g The D x4 ttp/ww.asignnet/wbudentsignment-Responses/subithdep-21213790...

A: Box and whisker plot:A type of graph used to display patterns of quantitative data is called a boxpl...

Q: Part b, c, d

A: Part b:Denote μ as the true mean breaking strength (after 24 hours) of the new bonding adhesive.The ...

Q: You are the foreman of the Bar-S cattle ranch in Colorado. A neighboring ranch has calves for sale, ...

A: Hello. Since you have posted multiple questions and not specified which question needs to be solved,...

Q: Three cards are drawn from a deck without replacement. Find these probabilities. a. all are jacks...

A: Total number of cards in a standard deck of cards = 52There are 4 suits consisting of 13 cards each....

Q: An epidemiologist found five cases of “big toe cancer” in the Yukon Territory. Because there were on...

A: Note: Since we are authorized to answer only up to 3 subparts, we are answering first three subparts...

Q: Do larger universities tend to have more property crime? University crime statistics are affected by...

A: Part (a):The scatter diagram, along with the best fitted line (least-squares regression line) for th...

Q: Jobs and productivity! How do retail stores rate? One way to answer this question is to examine annu...

A: Note:Hi! Thank you for posting the question. Since your question has more than 3 parts, we have solv...

Q: 1, 2, 3, and 4 are events. 1and 2 are mutually exclusive and independent.P(1) = 0.4. P(1∩3) = P(2 ∩ ...

A: Given 1,2,3,4 are four events. Events 1 and 2 are mutually exclusive and independent events.P(1∩3) =...

Q: Q5. You are considering two investment choices: a. 1 year CD that pays 2% for sure; b. investing in ...

A: It is provided that the investment in CD has return of 2% for sure.So, the mean return of this inves...

Sorry about that. What wasn’t helpful?