Question

A one-sided confidence interval can be found for a mean by using u > X-1, oru<X + where t, is the value found under the row labeled One tail. Find two one-sided 99% confidence intervals of the population mean for the data shown, and interpret the answers. The data represent the daily revenues in dollars from 20 parking meters in a small municipality. Round your answers to three decimal places. 2.57 0.97 2.47 2.37 1.97 1.27 2.37 2.77 1.02 3.07 2.32 2.72 2.422.32 2.07 1.77 1.92 1.72 1.92 Download Data A 99% lower confidence bound is u>s A 99% upper confidence bound is u <

Answer 1

$\bar{x}= 2.145$

s= 0.5848

n=20

$t_{19, 0.01}= 2.539$

99% Confidence interval for population mean= ($\bar{x} \pm t_{19,0.01} \frac{s}{\sqrt{n}}$ )

= $2.145 \pm 2.539 \frac{0.5848}{\sqrt{20}}$

= $2.145 \pm 0.332$

= ( 1.813, 2.477)

99% Lower Confidence bound is $\mu >1.813$

99% Upper confidence bound is $\mu < 2.477$