**Computing Margin of Error: Confidence Interval for a Population Mean**In a survey, 31 people were asked how much they spent on their child's last birthday gift. The results were roughly bell-shaped with a mean of $43 and a standard deviation of $2. Find the margin of error at a 90% confidence level.Give your answer to two decimal places.[Textbox for answer]*Note: There are no graphs or diagrams in this content.*

Answered: Computing Margin of Error: Confidence…

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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**Computing Margin of Error: Confidence Interval for a Population Mean**

In a survey, 31 people were asked how much they spent on their child's last birthday gift. The results were roughly bell-shaped with a mean of $43 and a standard deviation of $2. Find the margin of error at a 90% confidence level.

Give your answer to two decimal places.

[Textbox for answer]

*Note: There are no graphs or diagrams in this content.*

Expert Solution

Introduction

We associate with the interval estimate is called a confidence interval . This probability indicates how confidence we are above the interval estimate that will include the population parameter a higher most normally used confidence levels are 90%,95%,99%. But we are free to apply any confidence levels. A range of values can be suggested with a certain amounts of confidence such estimates are called confidence interval estimate.