According to a survey by Topaz Enterprises a travel auditing
According to a survey by Topaz Enterprises, a travel auditing company, the average error by travel agents is $128. Suppose this figure was obtained from a random sample of 41 travel agents and the sample standard deviation is $21. What is the point estimate of the national average error for all travel agents? Compute a 98% confidence interval for the national average error based on these sample results. Assume the travel agent errors are normally distributed in the population. How wide is the interval? Interpret the interval.

Membership TRY NOW
  • Access to 800,000+ Textbook Solutions
  • Ask any question from 24/7 available
  • Live Video Consultation with Tutors
  • 50,000+ Answers by Tutors
Relevant Tutors available to help