SOLUTION: A survey of 34 randomly selected "iPhone" owners showed that the purchase price has a mean of $404 with a sample standard deviation of $175.
(a)
Compute the standard erro
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(a)
Compute the standard erro
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Question 923308: A survey of 34 randomly selected "iPhone" owners showed that the purchase price has a mean of $404 with a sample standard deviation of $175.
(a)
Compute the standard error of the sample mean. (Round your answer to the nearest whole number.)
Standard error: 30
(b)
Compute the 95 percent confidence interval for the mean. (Round your answers to 3 decimal places.)
The confidence interval is between .... and ....
(c)
How large a sample is needed to estimate the population mean within $8? (Round your answer to the next whole number.)
Sample size
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You can put this solution on YOUR website! mean of $404 with a sample standard deviation of $175.
Sample size = 34
SE = 175/sqrt(34) = 30 (Rounded to the nearest whole number.)
...........
95 percent confidence interval for the mean.
ME = 1.96*30 = 58.8 (Rounded to 3 decimal places.)
CI: 404-ME < u < 404+ ME
CI(345.2, 409.8)
............
ME = 8 = 1.96*175/sqrt(n)
n = (1.96*175/8)^2 = 1839 rounded Up to whole number
....sample size > 30 critical values
= CI z = value
90% z =1.645
92% z = 1.751
95% z = 1.96
98% z = 2.326
99% z = 2.576
