Question

Listed below we the amounts of net worth (in millions of dollars) of the ten wealthiest celebrities in a country, Construct a 90% confidence interval 185 202 240 166 154 154 151 154 154 What is the confidence interval estimate of the population mean? million << 5 million (Round to one decimal place as needed)

Answer 1

mean and standard deviation of the data:

Count, N 10 Sum, Ex: 1728 Mean, X 172.8 Variance, s2: 830.62222222222 Steps 1 N S = (xi – T), N-1 i=1 52 - E(X; - 8)2 N-1 (240 - 172.8)2 + ... + (151 - 172.8)2 10-1 7475.6 9 = 830.62222222222 S = 1830.62222222222 = 28.820517382973

sample mean 'x̄=	172.8
sample size   n=	10
sample std deviation s=	28.821
std error 'sx=s/√n=	9.1138
for 90% CI; and 9 df, value of t=		1.833112933
margin of error E=t*std error    =		16.70670224
lower bound=sample mean-E =		156.0932978
Upper bound=sample mean+E =		189.5067022
from above 90% confidence interval for population mean =(156.1,189.5)