Part a)
ME = 1.96 * sd/√n
With your data:
ME = 1.96 * 65/√45
Part b)
CI95 = mean ± 1.96(sd/n)
With your data:
CI95 = 273 ± 1.96(65/√45)
I'll let you finish the calculations.
The average cost per night of a hotel room in New York City is $273 (SmartMoney, March 2009). Assume this estimate is based on a sample of 45 hotels and that the sample standard deviation is $65.
a. With 95% confidence, what is the margin of error (to 2 decimals)?
b. What is the 95% confidence interval estimate of the population mean?
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1 answer
1 answer