Homework Help is Here – Start Your Trial Now!
Math
Statistics
In a 2009 survey by I-Pension LLC, adults with annual household incomes of $50,000 to $125,000 were asked about the average time they spend reviewing their 401(k) statements. Of the adults surveyed, about 72% said that they spend less than 5 minutes, and 27% said that they spend 5 to 10 minutes to review their 401(k) statements (USA TODAY, February 16, 2009). Suppose a random sample of 400 adults of all income levels who have 401(k) accounts were recently asked about the times they spend reviewing their 401(k) statements. The sample pro- duced a mean of 8 minutes. Assume that the standard deviation of such times for all 401(k) account holders is 2.20 minutes. Construct a 99% confidence interval for the mean time spent by all 401(k) account holders reviewing their 401(k) statements.

In a 2009 survey by I-Pension LLC, adults with annual household incomes of $50,000 to $125,000 were asked about the average time they spend reviewing their 401(k) statements. Of the adults surveyed, about 72% said that they spend less than 5 minutes, and 27% said that they spend 5 to 10 minutes to review their 401(k) statements (USA TODAY, February 16, 2009). Suppose a random sample of 400 adults of all income levels who have 401(k) accounts were recently asked about the times they spend reviewing their 401(k) statements. The sample pro- duced a mean of 8 minutes. Assume that the standard deviation of such times for all 401(k) account holders is 2.20 minutes. Construct a 99% confidence interval for the mean time spent by all 401(k) account holders reviewing their 401(k) statements.

Calculus For The Life Sciences
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter12: Probability
Section12.2: Introduction To Probability
Problem 52E
See similar textbooks
icon
Related questions
Question
In a 2009 survey by I-Pension LLC, adults with annual household incomes of $50,000 to $125,000 were asked about the average time they spend reviewing their 401(k) statements. Of the adults surveyed, about 72% said that they spend less than 5 minutes, and 27% said that they spend 5 to 10 minutes to review their 401(k) statements (USA TODAY, February 16, 2009). Suppose a random sample of 400 adults of all income levels who have 401(k) accounts were recently asked about the times they spend reviewing their 401(k) statements. The sample pro- duced a mean of 8 minutes. Assume that the standard deviation of such times for all 401(k) account holders is 2.20 minutes. Construct a 99% confidence interval for the mean time spent by all 401(k) account holders reviewing their 401(k) statements.
Transcribed Image Text:In a 2009 survey by I-Pension LLC, adults with annual household incomes of $50,000 to $125,000 were asked about the average time they spend reviewing their 401(k) statements. Of the adults surveyed, about 72% said that they spend less than 5 minutes, and 27% said that they spend 5 to 10 minutes to review their 401(k) statements (USA TODAY, February 16, 2009). Suppose a random sample of 400 adults of all income levels who have 401(k) accounts were recently asked about the times they spend reviewing their 401(k) statements. The sample pro- duced a mean of 8 minutes. Assume that the standard deviation of such times for all 401(k) account holders is 2.20 minutes. Construct a 99% confidence interval for the mean time spent by all 401(k) account holders reviewing their 401(k) statements.
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Calculus For The Life Sciences
Calculus For The Life Sciences
Calculus
ISBN:
9780321964038
Author:
GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:
Pearson Addison Wesley,
Holt Mcdougal Larson Pre-algebra: Student Edition…
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
SEE MORE TEXTBOOKS