Answered

Find solutions to your problems with the expert advice available on IDNLearn.com. Get the information you need from our community of experts, who provide detailed and trustworthy answers.

8.42 the high price of medicines is a source of major expense for those seniors in the united states who have to pay for these medicines themselves. a random sample of 2000 seniors who pay for their medicines showed that they spent an average of $4600 last year on medicines with a standard deviation of $800. make a 95% confidence interval for the corresponding population mean.

Sagot :

The required confidence interval for the corresponding population team is  4564.94  ≤ μ ≤ 4635.06.

Given:

Mean (μ) = $4600

Standard deviation (σ) = $800

Sample size (n) = 2000

Confidence interval = 95%

we have to find the 95% confidence interval for the given population mean. The formula used to find the interval of mean is:

μ ± z [tex]\frac{S.D}{\sqrt{n}}[/tex]

The z value for 95% confidence interval is 1.96.

So, the interval of mean at given confidence level will be,

=  [tex]4600[/tex] ± [tex]1.96(\frac{800}{\sqrt{2000} } )[/tex]

= 4564.94  ≤ μ ≤ 4635.06

Therefore, the required confidence interval for the corresponding population mean is  4564.94  ≤ μ ≤ 4635.06.

To know more about confidence interval here. https://brainly.com/question/13799736#

             

#SPJ4

Thank you for using this platform to share and learn. Keep asking and answering. We appreciate every contribution you make. Thank you for visiting IDNLearn.com. We’re here to provide clear and concise answers, so visit us again soon.