For a 95 confidence interval se sd sqrt of sample se

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For a 95% confidence interval:SE = SD / sqrt of sampleSE = 4.2 / sqrt65 = .5209CI = MEAN + z (SE)= 18.077 + 1.96 (.5209)= 18.077 + 1.021Lower CI = MEAN – CI= 18.077 - .021 = 18.056Upper CI = MEAN + CI= 18.077 + .021 = 18.09818.056 < μ<18.098For the interval above,Stockton Trucking Company can conclude with 95% confidencethat the population mean payment time for the new electronic trucking billing systemfalls between 18.056 and 18.098.
Week 43The billing system appears to be very effective because it decreased the payment time bythe expected 50% and more if the results are correct. With addition of the electronicbilling system, the trucking company, the payments will be made in a much timeliermanner and the company will be on their way to even more improvements at this rate.Using the 95% confidence interval, can we be 95% confident that µ ≤ 19.5 days?

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Term
Spring
Professor
Rivera
Tags
Statistics, mean payment time, Stockton Trucking Company, population mean payment

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