Question

Asked Apr 1, 2019

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The monthly incomes for 12 randomly selected people, each with a bachelor's degree in economics, are shown on the right. Complete parts (a) through (c) below.

4450.95, 4596.43, 4455.27, 4151.99, 4283.65, 4527.56, 3946.55, 4023.42, 4366.86, 3727.56, 44.0726, 4221.07

(a) sample mean______ ( Round one decimal place needed)

(b) sample standard deviation_______ ( Round one decimal place needed)

(c) Construct 90% confidence interval for the population mean U.

( _________, ________) ( Round one decimal place needed.)

Hello, can you please explain this math problem to me and show me step by step how to work this math problem. Thank you.

Step 1

**(a). Obtain mean for the sample data .**

The monthly incomes for the sample of size 12 are:

*x:* 4,450.95, 4,596.43, 4,455.27, 4,151.99, 4,283.65, 4,527.56, 3,946.55, 4,023.42, 4,366.86, 3,727.56, 44.0726 and 4,221.07.

Step 2

*Mean:*

Mean is an important measure of center when the data is quantitative. Mean of a data set is the sum of the data set divided by the size of the data set.

The mean of the sample data is:

Step 3

**(b). Obtain the standard deviation for the sample data .**

The mean of the sample data is 3,899.6.

*Standard deviation:*

The standard deviation indicates by how much each observation differs from a central point represented by the mean. In general, the variance increases with the increase in the distances between the indiv...

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