Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. statistics
  3. farmer's corporation made a report that the mean a

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

80.2K

Verified Solution

Question

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
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

1. Ms. Jones is 50 years old and 30 pounds overweight. She reads about several new...

Biology
Q

In 2012 the U S Food and Drug Administration approved the first over the counter...

Statistics
Q

7 Find f in terms of g f x x g x

Calculus
Q

Find g 1 if g x x sin g x x and g 1 0

Calculus
Q

Mizan case study - Financial analysis; Mizan Corporation, a manufacturing company,...

Accounting
Q

Fiori Corporation's relevant range of activity is 3,000 units to 7,000 units. When it produces...

Accounting
Q

Blossom Inc. issues $2,011,300 of 10% bonds due in 12 years with interest payable at...

Accounting
Q

A trust has $7,000 in interest income, $5,000 in tax-exempt interest income, $4,000 in dividend...

Accounting
Q

Henry owns a perpetual bond with yearly payments of $3,658. The discount rate for this...

Finance
Q

Materials Used in Production for a Manufacturing Company Gabbitas Manufacturing Company reported the following materials...

Accounting
Q

In December 2021, Jill incurred a $50,000 loss on the sale of Crown Corporation stock...

Accounting
Q

someone obtained a mortgage of 85564 to finance a $150,000 home. The title search will...

Finance