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Let a random sample of 100 homes sold yields a sample mean sale price of $100,000...

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Question

Basic Math

Let a random sample of 100 homes sold yields a sample mean saleprice of $100,000 and a sample standard deviation of $5,000. Find a99% confidence interval for the average sale price given theinformation provided above.

Calculate the following:

1) Margin of error = Answer

2) x̄ ± margin error = Answer < μ < Answer

Table1 -

Common Z-values for confidence intervals

Confidence Level Zα/2

90% 1.645

95% 1.96

99% 2.58

Answer & Explanation Solved by verified expert
3.7 Ratings (346 Votes)
Solution Given that1 100000s 5000n 100Degrees of freedom df    See Answer
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