SOLUTION: In a random sample of 64 audited estate tax​ returns, it was determined that the mean amount of additional tax owed was ​$3489 with a standard deviation of ​$2595
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Question 1051920: In a random sample of 64 audited estate tax returns, it was determined that the mean amount of additional tax owed was $3489 with a standard deviation of $2595.
Construct and interpret a 90% confidence interval for the mean additional amount of tax owed for estate tax returns.
1) The lower bound is $?
2) The upper bound is $? Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! The CI is sample mean +/- s/sqrt(n)
t(0.95,df=63 critical values are |t|>1.669
90% CI is 3489+/-1.669*(2595/8) since sqrt(64)=8
the interval is 541.38
round to 541
the interval is 3489+/-541
($2948,$4030) is the 90% CI for the mean.
