Mathematics, 15.04.2020 21:36 shiyaharper
Exhibit: Department Store.
A random sample of 64 credit sales in a department store showed an average sale of $75.00. From past data, it is known that the standard deviation of the population of sales is $24.00.
(For this exhibit, avoid rounding intermediate steps and round your final solutions to 4 digits)
1. Construct the 96% confidence interval for the population mean and provide the lower and upper bound of the confidence interval below.
2. Assume that the information about average sales was lost. You decided to repeat the study and collect information for another sample. This time you obtain a random sample of 400 sales which accidentally resulted in the same average sale of $75.00. Construct the 96% confidence interval for the population mean and provide the lower and upper bound of the confidence interval below.
3. A population has a standard deviation of 80. A random sample of 400 items from this population is selected. The sample mean is determined to be 200. Find the margin of error at 94% confidence level assuming that the population is large. (Round your solution to 4 digits)
Answers: 2
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Exhibit: Department Store.
A random sample of 64 credit sales in a department store sho...
A random sample of 64 credit sales in a department store sho...
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