1.i)Because of different sales ability, experience, anddevotion, the incomes of real estate agents vary considerably.Suppose that in a large city the annual income is normallydistributed with a standard deviation of $17,000. A random sampleof 16 real estate agents was asked to report their annual income(in $1,000). The responses are listed here.
Determine the 99% confidence interval estimate of the meanannual income of all real estate agents in the city in thousands ofdollars. (Round your answers to two decimal places.)
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ii)
You may need to use the appropriate appendix table toanswer this question.
(a)
Determine the sample size required to estimate a population meanto within 15 units given that the population standard deviation is75. A confidence level of 90% is judged to be appropriate. (Roundyour answer up to the nearest whole number.)
(b)
Repeat part (a) changing the standard deviation to 150. (Roundyour answer up to the nearest whole number.)
(c)
Re-do part (a) using a 95% confidence level. (Round your answerup to the nearest whole number.)
(d)
Repeat part (a) wherein we wish to estimate the population meanto within 20 units. (Round your answer up to the nearest wholenumber.)
1.i)Because of different sales ability, experience, and devotion, the incomes of real estate agents vary considerably. S
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