In a survey of 53 randomly selected patrons of a shopping mall, the mean amount of currency
Fantastic news! We've Found the answer you've been seeking!
Question:
In a survey of 53 randomly selected patrons of a shopping mall, the mean amount of currency carried is $42 with a standard deviation of $78.
What is the 95% confidence interval for the mean amount of currency carried by mall patrons? Show your calculation of the standard error, lower value and upper value.
Develop a 95% prediction interval for the amount of currency carried by mall patrons.
- Explain the difference between a confidence interval and a prediction interval.
Related Book For
Business Statistics in Practice
ISBN: 978-0077404741
6th edition
Authors: Bruce Bowerman, Richard O'Connell
Posted Date: