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A random sample of 20 recent weddings in a country yielded a mean wedding cost of $26,323.47. Assume that recent wedding costs in this country are normally distributed with a standard deviation of $7900. Complete parts (a) through (c) below.

A random sample of 20 recent weddings in a country yielded a mean wedding cost of $26,323.47. Assume that recent wedding costs in this country are normally distributed with a standard deviation of $7900. Complete parts (a) through (c) below.

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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A random sample of 20 recent weddings in a country yielded a mean wedding cost of $26,323.47. Assume that recent wedding costs in this country are normally distributed with a standard deviation of $7900. Complete parts (a) through (c) below. a. Determine a 95% confidence interval for the mean cost, p, of all recent weddings in this country. The 95% confidence interval is from $ to $ (Round to the nearest cent as needed.) b. Interpret your result in part (a). Choose the correct answer below. A. We can be 95% confident that the mean cost, u, of all recent weddings in this country is somewhere within the confidence interval. B. The mean cost, µ, of all recent weddings in this country is somewhere within the confidence interval. C. We can be 95% confident that the sample cost of recent weddings in this country is somewhere within the confidence interval. D. We can be 95% confident that any randomly selected recent wedding cost in this country is somewhere within the confidence interval. c. Does the mean cost of all recent weddings in this country lie in the confidence interval obtained in part (a)? Explain your answer. A. No, since there is a 5% chance that the population mean does not lie in the confidence interval. B. The sample mean may or may not lie in this interval, but we can be 95% confident that it does. C. The population mean may or may not lie in this interval, but we can be 95% confident that it does. D. Yes, since the confidence interval must contain the sample and population means.
Transcribed Image Text:A random sample of 20 recent weddings in a country yielded a mean wedding cost of $26,323.47. Assume that recent wedding costs in this country are normally distributed with a standard deviation of $7900. Complete parts (a) through (c) below. a. Determine a 95% confidence interval for the mean cost, p, of all recent weddings in this country. The 95% confidence interval is from $ to $ (Round to the nearest cent as needed.) b. Interpret your result in part (a). Choose the correct answer below. A. We can be 95% confident that the mean cost, u, of all recent weddings in this country is somewhere within the confidence interval. B. The mean cost, µ, of all recent weddings in this country is somewhere within the confidence interval. C. We can be 95% confident that the sample cost of recent weddings in this country is somewhere within the confidence interval. D. We can be 95% confident that any randomly selected recent wedding cost in this country is somewhere within the confidence interval. c. Does the mean cost of all recent weddings in this country lie in the confidence interval obtained in part (a)? Explain your answer. A. No, since there is a 5% chance that the population mean does not lie in the confidence interval. B. The sample mean may or may not lie in this interval, but we can be 95% confident that it does. C. The population mean may or may not lie in this interval, but we can be 95% confident that it does. D. Yes, since the confidence interval must contain the sample and population means.
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