Estimation

Problem-17: Estimation

From a population of 540, a sample of 60 individuals is taken. From this sample, the mean is found to be 6.2 and the standard deviation 1.368.

  1. Find the estimated standard error of the mean.
  2. Construct a 96 percent confidence interval for the mean.
  3. If the price per kwh is $0.12, within what interval can Gwen be 68.3 percent certain that the average August cost for electricity will lie?

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