In a 2009 survey by I-Pension LLC, adults with annual household incomes of $50,000 to $125,000 were asked about the average time they spend reviewing their 401(k) statements. Of the adults surveyed, about 72% said that they spend less than 5 minutes, and 27% said that they spend 5 to 10 minutes to review their 401(k) statements (USA TODAY, February 16, 2009). Suppose a random sample of 400 adults of all income levels who have 401(k) accounts were recently asked about the times they spend reviewing their 401(k) statements. The sample pro- duced a mean of 8 minutes. Assume that the standard deviation of such times for all 401(k) account holders is 2.20 minutes. Construct a 99% confidence interval for the mean time spent by all 401(k) account holders reviewing their 401(k) statements.
In a 2009 survey by I-Pension LLC, adults with annual household incomes of $50,000 to $125,000 were asked about the average time they spend reviewing their 401(k) statements. Of the adults surveyed, about 72% said that they spend less than 5 minutes, and 27% said that they spend 5 to 10 minutes to review their 401(k) statements (USA TODAY, February 16, 2009). Suppose a random sample of 400 adults of all income levels who have 401(k) accounts were recently asked about the times they spend reviewing their 401(k) statements. The sample pro- duced a mean of 8 minutes. Assume that the standard deviation of such times for all 401(k) account holders is 2.20 minutes. Construct a 99% confidence interval for the mean time spent by all 401(k) account holders reviewing their 401(k) statements.
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter11: Data Analysis And Probability
Section11.5: Interpreting Data
Problem 1C
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Transcribed Image Text:In a 2009 survey by I-Pension LLC, adults with annual household incomes of $50,000 to
$125,000 were asked about the average time they spend reviewing their 401(k) statements. Of
the adults surveyed, about 72% said that they spend less than 5 minutes, and 27% said that
they spend 5 to 10 minutes to review their 401(k) statements (USA TODAY, February 16, 2009).
Suppose a random sample of 400 adults of all income levels who have 401(k) accounts were
recently asked about the times they spend reviewing their 401(k) statements. The sample pro-
duced a mean of 8 minutes. Assume that the standard deviation of such times for all 401(k)
account holders is 2.20 minutes. Construct a 99% confidence interval for the mean time spent
by all 401(k) account holders reviewing their 401(k) statements.
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