A sample survey of 59 discount brokers showed that the mean price charged for a trade...
A sample survey of 59 discount brokers showed that the mean price charged for a trade of 100 shares at $50 per share was $33.71. The survey is conducted annually. With the historical data available, assume a known population standard deviation of $13.
a. Using the sample data, what is the margin of error associated with a 90% confidence interval (to 2 decimals)?
b. Develop a confidence interval for the mean price charged by discount brokers for a trade of 100 shares at $50 per share (to 2 decimals).
Homework Answers
a)
Margin of error = Z
/2
* 
/ sqrt(n)
= 1.6449 * 13 / sqrt(59)
= 2.78
b)
90% confidence interval for 
is
- Z/2
*
/ sqrt(n) <
<
+ Z/2
*
/ sqrt(n)
33.71 - 2.78 <
< 33.71 + 2.78
30.93 <
< 36.49
90% CI is ( 30.93 , 36.49 )
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