Question: 1) Select any 5 states and write down income rounded by thousands (for example, Alabama - 44, Alaska - 72 and so on). This will
1) Select any 5 states and write down income rounded by thousands (for example, Alabama - 44, Alaska - 72 and so on). This will be your sample collection.
Alaska-72
Hawaii-68
New York-59
Texas-53
Puerto Rico-20
2) Calculate Mean and Standard Deviation for your sample. 3) Based on sample statistics estimate Confidence Interval for Population Mean. Because population standard deviation is not known, use Appendix Table for t-Distribution to find t-value for your case. For Confidence Level use 90%. 4) Consider the Normal Distributionwith Meanequalyour sample mean andStandard Deviation equalyour sample standard deviation. Find x-value that identifies the position of top 5% in thisNormal Distribution (z-value should be found fromAppendix Table for Normal Distribution).
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