Which type of confidence interval should you use in this situation? An economics professor randomly selected 100 millionaires in the United States. The average age of these millionaires was 54.8 years with a standard deviation of 7.9 years. What is the 95% confidence interval for the mean age of all United States millionaires? Question 5 options: 1) a confidence interval for the mean using a table value from the standard normal distribution. 2) a confidence interval for the mean using a table value from the t distribution. 3) a confidence interval for a proportion using a table value from the standard normal distribution. 4) a confidence interval for proportion using a table value from the t distribution. 5) none of the above.

n=sample size=100, X¯=54.8,s=7.9

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MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

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Which type of confidence interval should you use in this situation? An economics professor randomly selected 100 millionaires in the United States. The average age of these millionaires was 54.8 years with a standard deviation of 7.9 years. What is the 95% confidence interval for the mean age of all United States millionaires?

Question 5 options:

1)	a confidence interval for the mean using a table value from the standard normal distribution.

2)	a confidence interval for the mean using a table value from the t distribution.

3)	a confidence interval for a proportion using a table value from the standard normal distribution.

4)	a confidence interval for proportion using a table value from the t distribution.

5)	none of the above.

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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