Statistics calculated from a sample of 17 observations are: Σ, 2 =1277 ₁² = 103225 Provide the following, rounding your
Posted: Mon Jul 11, 2022 11:25 am
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In a sample of credit card holders the mean monthly value of credit card purchases was $210 and the sample variance was 51 ($ squared). Assume that the population distribution is normal. Answer the following, rounding your answers to two decimal places where appropriate. (a) Suppose the sample results were obtained from a random sample of 15 credit card holders. Find a 95% confidence interval for the mean monthly value of credit card purchases of all card holders. 4) (b) Suppose the sample results were obtained from a random sample of 19 credit card holders. Find a 95% confidence interval for the mean monthly value of credit card purchases of all card holders. 4 4) Before you answer (b) consider whether the confidence interval will be wider than or narrower than the confidence interval found for (a). Then check that your answer verifies this.