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A random sample of 43 taxpayers claimed an average of $9,853 in medical expenses for the...

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Basic Math

A random sample of 43 taxpayers claimed an average of $9,853 inmedical expenses for the year. Assume the population standarddeviation for these deductions was ?2,418. Construct confidenceintervals to estimate the average deduction for the population withthe levels of significance shown below.

a.1%

b.5%

c.20%

a. The confidence interval with a 1% level ofsignificance has a lower limit of _____ and an upper limit of______.

b. The confidence interval with a 5% level ofsignificance has a lower limit of _____ and an upper limit of______.

c. The confidence interval with a 20% level ofsignificance has a lower limit of _____ and an upper limit of______.

Answer & Explanation Solved by verified expert
4.3 Ratings (907 Votes)
Solution Given that 9853 2418n 43a 1 001 2 001 2 0005Z2 Z0005 2576Margin of error E Z2 n 2576 2418 43 950At 99 confidence interval estimate of the population meanis E    See Answer
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