Basic Business Statistics, Student Value Edition
Basic Business Statistics, Student Value Edition
14th Edition
ISBN: 9780134685113
Author: Mark L. Berenson, David M. Levine, David F. Stephan, Kathryn Szabat
Publisher: PEARSON
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Chapter 8, Problem 1PS

If X ¯ = 85 , σ = 8 , and n = 64 , construct a 95 % confidence interval estimate for the population, mean, μ .

Expert Solution & Answer
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To determine

Construct a 95% confidence interval for the population mean.

Answer to Problem 1PS

The required confidence interval is 83.04μ86.96 .

Explanation of Solution

Calculation:

It is given that the sample mean X¯=85 , standard deviation σ=8 and sample size n=64 .

At 95% confidence level, Zα/2=1.96 .

The 95% confidence interval for population mean can be calculated as,

X¯±Zα/2.σn=85±1.96×864=85±1.96×1=83.04,86.96

Thus, the 95% confidence interval is 83.04μ86.96 .

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Chapter 8 Solutions

Basic Business Statistics, Student Value Edition

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