In a random sample of 81 audited estate tax returns, it was determined that the mean amount of additional tax owed was $3447 with a standard deviation of $2590. Construct and interpret a 90% confidence interval for the mean additional amount of tax owed for estate tax returns.
The lower bound is =
(Round to the nearest dollar as needed)
Solution :
Given that,
t
,df = 1.292
Margin of error = E = t,df
* (s /
n)
= 1.292 * (2590 /
81)
Margin of error = E = 372
The 90% lower confidence interval estimate of the population mean is,
- E
3447 - 372
3075
The lower bound is $3075
In a random sample of 81 audited estate tax returns, it was determined that the mean...
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9.3
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