A candy machine distributor collects the coins from 100 machines. The standard deviation is $3.25. With probability 98%, what is the maximum error about the true mean that will result?

Question

A candy machine distributor collects the coins from 100 machines.  The standard deviation is $3.25.  With probability 98%, what is the maximum error about the true mean that will result?

PsyDAG · Answer

98% = mean ± 2.325 SEm SEm = SD/√n

Heather · Answer

=2.325(3.25/ square root of 100) =75.5625