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Farmer's Corporation made a report that the mean annual household income of its readers is $119,155...

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Statistics

Farmer's Corporation made a report that the mean annualhousehold income of its readers is $119,155 (Thebill, March 2017).Assume this estimate of the mean annual household income is basedon a sample of 80 households, and, based on past studies thepopulation standard deviation is known to be σ = $30,000.00.

  1. Developed a 90% confidence interval estimate of the populationmean
  1. Developed a 95% confidence interval estimate of the populationmean.
  1. Developed a 99% confidence interval estimate of the populationmean
  1. Discuss what happens to the width of the confidence interval asthe confidence level is increased. Does this result seemreasonable? Explain.

Answer & Explanation Solved by verified expert
3.8 Ratings (748 Votes)
a 90 Confidence Interval X Z 2 n Z2 Z 01 2 1645 119155 Z 012 3000080 Lower Limit 119155 Z012 3000080 Lower Limit 113638 Upper Limit 119155 Z012 3000080 Upper Limit 124672 90    See Answer
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