99% = mean ± Z(SEm)
SEm = SD/√n
Find table in the back of your statistics text labeled something like "areas under normal distribution" to find the proportion/probability (.005) and its Z score. Insert data into above equation.
In 2015, the average price of new homes in a certain suburb was $145,000. Assume that this
mean is based on a random sample of 1000 new home sales and that the sample standard
deviation is $24,000. Construct a 99% confidence interval for the 2002 mean price of all such
homes.
1 answer
1 answer