SOLUTION: The average annual cost of the first year of owning and caring for a large dog is $1,843 (US News and World Report, September 9, 2013). The Irish Red and White Setter Association o

Algebra ->  Probability-and-statistics -> SOLUTION: The average annual cost of the first year of owning and caring for a large dog is $1,843 (US News and World Report, September 9, 2013). The Irish Red and White Setter Association o      Log On


   

Question 1096632: The average annual cost of the first year of owning and caring for a large dog is $1,843 (US News and World Report, September 9, 2013). The Irish Red and White Setter Association of America has requested a study to estimate the annual first-year cost for owners of this breed. A sample of 50 will be used. Based on past studies, the population standard deviation is assumed known with σ = $255.
a.  What is the margin of error for a 95% confidence interval of the mean cost of the first year of owning and caring for this breed (to 2 decimals)?
Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
The margin of error for 95% CI is z*sigma/sqrt(n)
z=+/-1.96
1.96*255/sqrt(50)=+/-70.68
The CI (not requested) would be $1843+/-$70.68