According to Runzheimer International, organisations are investing an average of $1436 each year per mobile device. A
Question:
According to Runzheimer International, organisations are investing an average of $1436 each year per mobile device. A researcher randomly selects 28 organisations and calculates the average amount they invested during the year on mobile devices to be $1295. The sample standard deviation is calculated to be $245. Construct a 99% confidence interval for the population mean amount invested by organisations each year on mobile devices using these sample data. Assume the data are normally distributed in the population. Does the $1436 figure reported by Runzheimer International fall within the confidence interval calculated using the researcher’s sample data? What does this tell you?
Step by Step Answer:
Business Analytics And Statistics
ISBN: 9780730363330
1st Edition
Authors: Ken Black, John Asafu Adjaye, Paul Burke, Nelson Perera, Carl Sherwood, Saleh A. Wasimi