Question

The average credit card debt for American is between $11,000 and $17,000. How could this be written using a margin of error

Answer 1

[μ-error, μ + error]

[14000- 3000, 14000 + 3000]

Explanation:

We write it how an interval, where the center of the interval is the mean, thus

[μ-error, μ + error]

First we calculate the mean

μ = (11000+17000)/2

μ = $14000

And the error is the absolute value of the difference between the mean an either extreme values

error = |14000 -17000| = |14000 - 11000| = 3000

Then

[14000- 3000, 14000 + 3000]