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What is the confidence interval estimate of the population mean u?

What is the confidence interval estimate of the population mean u?

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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Listed below are the amounts of net worth (in millions of dollars) of the ten wealthiest celebrities in a country. Construct a 95% confidence interval. What does the result tell us about the population of all celebrities? Do the data appear to be from a normally distributed population as required? 260 212 187 168 160 157 152 152 147 147 What is the confidence interval estimate of the population mean µ? $ million <u <$ million (Round one decimal place as needed.)
Transcribed Image Text:Listed below are the amounts of net worth (in millions of dollars) of the ten wealthiest celebrities in a country. Construct a 95% confidence interval. What does the result tell us about the population of all celebrities? Do the data appear to be from a normally distributed population as required? 260 212 187 168 160 157 152 152 147 147 What is the confidence interval estimate of the population mean µ? $ million <u <$ million (Round one decimal place as needed.)
Expert Solution
Step 1

From the given sample data : 

The sample size is , n=10

The sample mean is , X¯=∑Xn=1742/10=174.2

The sample standard deviation is , s=∑X2-(∑X)2nn-1=315412-(1742)21010-1=36.4472

Since , the population standard deviation (σ) is unknown.

Therefore , use t-distribution.

Our aim is to find the 95% confidence interval

 

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