Confidence Intervals for Standard Deviation and Variance Use the data below to construct a 95% confidence interval for the standard deviation and variance for home sale prices in Beavercreek (in thousands of dollars) 114.1 240.7 170.9 116.4 160.8 227.2 293.3 217.5 293.4 278.2 227.3 306.8 185.9 194.5 299.9 159 270.3 272.6 221.4 146.7 239.4 342.2 212.6 226.9 Use the Estimation of Variance and SD tab. Begin by entering the data starting in the yellow A19 field. Use the results (green) for standard deviation s and sample size n to complete the values beginning in B3 to B5. For B5, enter the confidence level as a decimal not a percentage.

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Confidence Intervals for Standard Deviation and Variance
Use the data below to construct a 95% confidence interval for the standard deviation and variance for home sale prices in
Beavercreek (in thousands of dollars)
114.1
240.7
170.9
116.4
160.8
227.2
293.3
217.5
293.4
278.2
227.3
306.8
185.9
194.5
299.9
159
270.3
272.6
221.4
146.7
239.4
342.2
212.6
226.9
Use the Estimation of Variance and SD tab.
Begin by entering the data starting in the yellow Al19 field.
Use the results (green) for standard deviation s and sample size n to complete the values beginning in B3 to B5. For B5, enter the
confidence level as a decimal not a percentage.
Results:
Complete the confidence statements for both variance and standard deviation in complete sentences below. Make sure to convert
to thousands of dollars in your statement.
For example: "With an 80% level of confidence, the standard deviation of home sale prices in Beavercreek was between $52,224
and $76,675
Transcribed Image Text:Confidence Intervals for Standard Deviation and Variance Use the data below to construct a 95% confidence interval for the standard deviation and variance for home sale prices in Beavercreek (in thousands of dollars) 114.1 240.7 170.9 116.4 160.8 227.2 293.3 217.5 293.4 278.2 227.3 306.8 185.9 194.5 299.9 159 270.3 272.6 221.4 146.7 239.4 342.2 212.6 226.9 Use the Estimation of Variance and SD tab. Begin by entering the data starting in the yellow Al19 field. Use the results (green) for standard deviation s and sample size n to complete the values beginning in B3 to B5. For B5, enter the confidence level as a decimal not a percentage. Results: Complete the confidence statements for both variance and standard deviation in complete sentences below. Make sure to convert to thousands of dollars in your statement. For example: "With an 80% level of confidence, the standard deviation of home sale prices in Beavercreek was between $52,224 and $76,675
Expert Solution
Step 1

Given data :

Statistics homework question answer, step 1, image 1

First we will calculate mean and standard deviation for the data :

Sample size ,n  = 24

Sum = Σx = 5418

Mean, x̄ = Σx / n = 225.75

Calculating Variance and standard deviation :

Statistics homework question answer, step 1, image 2

Variance , s2 = 3795.341

Standard deviation , s = 61.606

 

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