SOLUTION: An economics professor randomly selected 10 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

Question 1197854: An economics professor randomly selected 10 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?

Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!


Hi  
Sample:  n = 10, x-bar = 54.8  and s = 7.9
95% CI,  t = 2.262
ME = 2.262*7.9/√10 = 5.65  = 5.7(rounded to the same accuracy as s)
54.8  ±  5.7 
CI(49.1,60.5)
Wish You the Best in your Studies.

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