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Unformatted text preview: mean amount owed by a student in student loans was $14,381. The standard deviation of the sample was $1,892. Construct a 90% confidence interval for the population mean. Is it reasonable to conclude that the mean of the population is actually $15,000? Tell why or why not. Confidence interval - mean 90% confidence level 14381 mean 1892 std. dev. 25 n 1.645 z 622.413 half-width 15003.413 upper confidence limit 13758.587 lower confidence limit The confidence interval is $13758.587-$15003.413. $15000 is reasonable because it can be found inside the interval....
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This note was uploaded on 04/23/2011 for the course EC 315 taught by Professor Barcus during the Spring '10 term at Park.
- Spring '10