Confidence interval for mean ..
A random sample of 81 credit sales in a department store showed an average sale of $68.00. Historically, it is known that the standard deviation of the population is $27.00. a) determine the standard error of the mean, b) with a 0.95 probability, what can be said about the margin of error and c) what is the 95% confidence interval of the population mean?© SolutionLibrary Inc. solutionlibary.com 9836dcf9d7 https://solutionlibrary.com/statistics/hypothesis-testing/confidence-interval-for-mean-7h2v
...tandard deviation of the population is $27.00.
a) Determine the standard error of the mean,
Standard error of mean = =27/9 =3
b) With a ...