SOLUTION: The mean federal income tax paid last year by a random sample of 32 persons selected from a city was $4334. Suppose the standard deviation of tax paid in this city is σ = $864

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Question 1054065: The mean federal income tax paid last year by a random sample of 32 persons selected from a city was $4334. Suppose the standard deviation of tax paid in this city is σ = $864. The 95% confidence interval for the population mean (rounded to two decimal places) is:
The lower limit is $

The upper limit is $
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
95% confidence interval
x̄ =4334, n = 32 and σ= 864
ME = ± +z%2Asigma%2Fsqrt%28n%29, z = invNorm(.975) = 1.96
ME = ± +1.96%2A864%2Fsqrt%2832%29
confidence interval for the population mean ( (rounded to two decimal places)
4334 - ME < mu < 4334 + ME
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= CI z = value
90% z =1.645
92% z = 1.751
95% z = 1.96
98% z = 2.326
99% z = 2.576