Question 310013: An important factor in selling a residential property is the number of people who look through the home. A sample of 15 homes recently sold in the Buffalo, New York, area revealed the mean number looking through each home was 24 and the standard deviation of the sample was 5 people. Develop a 98 percent confidence interval for the population mean.
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! An important factor in selling a residential property is the number of people who look through the home.
A sample of 15 homes recently sold in the Buffalo, New York, area revealed the mean number looking through each home was 24 and the standard deviation of the sample was 5 people.
Develop a 98 percent confidence interval for the population mean.
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x-bar = 24
E = invT(0.985,14)*5/sqrt(15) = 3.1176
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98% CI: 24-3.1176 < u < 24+3.1176
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Cheers,
Stan H.
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