A random sample of 81 credit sales in a department store showed an average sale of $67.00. From past data, it is known that the standard deviation of the population is $28. (a) Determine the standard error of the mean (in dollars). (Round your answer to the nearest cent.) (b) With a 0.95 probability, what can be said about the size of the margin of error? There is a 0.95 probability that the distance between the sample mean and the population mean will equal the margin of error.There is a 0.95 probability that the distance between the sample mean and the population mean will be less than or equal to the margin of error. There is a 0.95 probability that the sample mean and the population mean are equal. There is a 0.95 probability that the distance between the sample mean and the population mean will be greater than or equal to the margin of error. There is a 0.95 probability that the margin of error and the population mean are equal. (c) What is the 95% confidence interval of the population mean (in dollars)? (Round your answers to the nearest cent.) $ to $
A random sample of 81 credit sales in a department store showed an average sale of $67.00. From past data, it is known that the standard deviation of the population is $28. (a) Determine the standard error of the mean (in dollars). (Round your answer to the nearest cent.) (b) With a 0.95 probability, what can be said about the size of the margin of error? There is a 0.95 probability that the distance between the sample mean and the population mean will equal the margin of error.There is a 0.95 probability that the distance between the sample mean and the population mean will be less than or equal to the margin of error. There is a 0.95 probability that the sample mean and the population mean are equal. There is a 0.95 probability that the distance between the sample mean and the population mean will be greater than or equal to the margin of error. There is a 0.95 probability that the margin of error and the population mean are equal. (c) What is the 95% confidence interval of the population mean (in dollars)? (Round your answers to the nearest cent.) $ to $
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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A random sample of 81 credit sales in a department store showed an average sale of $67.00. From past data, it is known that the standard deviation of the population is $28.
(a)
Determine the standard error of the mean (in dollars). (Round your answer to the nearest cent.)
(b)
With a 0.95 probability , what can be said about the size of the margin of error?
There is a 0.95 probability that the distance between the sample mean and the population mean will equal the margin of error.There is a 0.95 probability that the distance between the sample mean and the population mean will be less than or equal to the margin of error.
There is a 0.95 probability that the sample mean and the population mean are equal.
There is a 0.95 probability that the distance between the sample mean and the population mean will be greater than or equal to the margin of error.
There is a 0.95 probability that the margin of error and the population mean are equal.
(c)
What is the 95% confidence interval of the population mean (in dollars)? (Round your answers to the nearest cent.)
$ to $
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