Respuesta :
Answer:
a) The 95% confidence interval would be given by (1394.502;1451.498)
b) [tex]n=(\frac{1.960(330)}{50})^2 =167.34 \approx 168[/tex]
Step-by-step explanation:
A confidence interval is "a range of values that’s likely to include a population value with a certain degree of confidence. It is often expressed a % whereby a population means lies between an upper and lower interval".
The margin of error is the range of values below and above the sample statistic in a confidence interval.
Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".
Part a
[tex]\bar X=1423[/tex] represent the sample mean
[tex]\mu[/tex] population mean (variable of interest)
[tex]s=329[/tex] represent the sample standard deviation
n=512 represent the sample size
95% or 0.95 confidence interval
The confidence interval for the mean is given by the following formula:
[tex]\bar X \pm z_{\alpha/2}\frac{\sigma}{\sqrt{n}}[/tex] (1)
We can assume that the sample deviation is a good estimate of the population deviation since the sample size is large enough.
Since the Confidence is 0.95 or 95%, the value of [tex]\alpha=0.05[/tex] and [tex]\alpha/2 =0.025[/tex], and we can use excel, a calculator or a table to find the critical value. The excel command would be: "=-NORM.INV(0.025,0,1)".And we see that [tex]z_{\alpha/2}=1.96[/tex]
Now we have everything in order to replace into formula (1):
[tex]1423-1.96\frac{329}{\sqrt{512}}=1394.502[/tex]
[tex]1423+1.96\frac{329}{\sqrt{512}}=1451.498[/tex]
So on this case the 95% confidence interval would be given by (1394.502;1451.498)
Part b
We can use to solve this part of the question the formula for the margin of error given by:
[tex]Me=z_{\alpha/2}\frac{\sigma}{\sqrt{n}}[/tex]
And on this case we have that ME =50 and we are interested in order to find the value of n, if we solve n from equation for Me we got:
[tex]n=(\frac{z_{\alpha/2} s}{ME})^2[/tex]
The critical value for 95% of confidence interval now can be founded using the normal distribution. And in excel we can use this formla to find it:"=-NORM.INV(0.025;0;1)", and we got [tex]z_{\alpha/2}=1.960[/tex], replacing into formula for n we got:
[tex]n=(\frac{1.960(330)}{50})^2 =167.34 \approx 168[/tex]