A sample of 20 international students attending an urban U.S. university found that the average...

Question

A sample of 20 international students attending an urban U.S. university found that the average amount budgeted for expenses per month was $ XXXXXXXXXXwith a standard deviation of $ XXXXXXXXXXFind a 95% confidence interval for the mean monthly expense budget of the population of international students. Use the appropriate formula and verify your result using the Confidence Intervals workbook.

Robert · Accepted Answer

Number (n) =20 
Class Interval (C I) =0.95(95/100=0.95) 
Mean =1612.50 
S.D = 1179.60 
α=0.05  (1.00 -0.95=0.05) 
=0.05/2 
=0.025 
1-0.025=0.975 
0.975=1.96( taken from normal distribution table) 
1612.50 – (1.96 * 1179.64 / square root 20

A sample of 20 international students attending an urban U.S. university found that the average amount budgeted for expenses per month was $ XXXXXXXXXXwith a standard deviation of $ XXXXXXXXXXFind a...

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