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college STATISTICS

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Sample of 80 people randomly asked in casino shows that average lost per person is $160 with a standard deviation รณ = $40. Based on this data create a 99% confidence interval for population mean. Does loss of $180 for single person contradict expectation? Explain your answer.

  • college STATISTICS - ,

    Formula:

    CI99 = mean + or - 2.575 (sd/√n)

    Substitute what is given into the formula:

    CI99 = 160 + or - 2.575 (40/√80)

    I'll let you take it from here. Once you have the interval calculated, you should be able to answer the question in the problem.

    I hope this will help get you started.

  • college STATISTICS - ,

    What does "or" mean?

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