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Answer:
Step 1
The data represent amount.
A 90% confidence interval for the population mean is,
First, compute t-critical value then find confidence interval.
The t critical value for the 90% confidence interval is,
The sample size is small and two-tailed test. Look in the column headed and the row headed in the t distribution table by using degree of freedom is,
The t critical value for the 90% confidence interval is 1.711.
A 90% confidence interval for the population mean is .
Step 2
It is reasonable to conclude that mean of the population is actually $55000 due to a 90% confidence intrerval for population mean is between $52461.23 and $57640.77 does include $55000.
The data represent amount.
A 90% confidence interval for the population mean is,
First, compute t-critical value then find confidence interval.
The t critical value for the 90% confidence interval is,
The sample size is small and two-tailed test. Look in the column headed and the row headed in the t distribution table by using degree of freedom is,
The t critical value for the 90% confidence interval is 1.711.
A 90% confidence interval for the population mean is .
It is reasonable to conclude that mean of the population is actually $55000 due to a 90% confidence intrerval for population mean is between $52461.23 and $57640.77 does include $55000.