college STATISTICS

posted by .

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?

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. statistics

    we developed a 95% z confidence interval for the mean BMI of women aged 20 to 29 years, based on a national random sample of 654 such women. we assumed there that the population standard deviation was known to be 7.5. in fact the sample …
  2. umuc

    sample of 80 people randomly asked in casino shows that average lost per person is $160 with a sample standard deviation s=$40. Based on this data create a 95% confidence interval for population mean.
  3. statistics

    A random sample of 31 people employed by the Florida state authority established they earned an average wage (including benefits) of $56 per hour. The sample standard deviation was $6.35 per hour. (a)What is your best estimate of the …
  4. statistics

    1.A magazine reported that 6% of Americans read the news paper while driving. 100 drivers are selected at random, find the probability that exactly 25 of them say they read the newspaper while driving.(normal binomial formula to solve) …
  5. Statistics

    1. A study of 40 people found that they could do on the average15 pull ups with a standard deviation of .6. Find the 99% confidence interval for the mean of the population. 2. A study of 50 pizza delivery workers found that they could …
  6. Statistics

    1. A study of 40 people found that they could do on the average15 pull ups with a standard deviation of .6. Find the 99% confidence interval for the mean of the population. 2. A study of 50 pizza delivery workers found that they could …
  7. Math Statistics

    5. Students in an introductory statistics class were asked to report the age of their mothers when they were born. Summary statistics include Sample size: 36 students Sample mean: 29.643 years Sample standard deviation: 4.564 years …
  8. statistics

    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 …
  9. statistics (7)

    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 …
  10. probs & stats

    1. A study of 40 people found that they could do on the average15 pull ups with a standard deviation of .6. Find the 99% confidence interval for the mean of the population. 2. A study of 50 pizza delivery workers found that they could …

More Similar Questions