Question

Using a profit P1 of $5,000, a profit P2 of $4,500, and a profit P3 of $4,000, calculate a 95% confidence interval for the mean profit per customer that SoftBus can expect to obtain. (Round your answers to one decimal place.) Lower Limit Upper Limit

Answer 1

To calculate the 95% confidence interval for the mean profit per customer, use the formula: Lower Limit = Sample Mean - Margin of Error, and Upper Limit = Sample Mean + Margin of Error. Calculate the margin of error using the formula: Margin of Error = Critical Value x Standard Deviation / Square Root of Sample Size.

Step-by-step explanation:

To calculate a 95% confidence interval for the mean profit per customer, we can use the formula:

Lower Limit = Sample Mean - Margin of Error

Upper Limit = Sample Mean + Margin of Error

The margin of error can be calculated using the formula:

Margin of Error = Critical Value x Standard Deviation / Square Root of Sample Size

Given the profits, P1 = $5,000, P2 = $4,500, and P3 = $4,000, we can calculate the mean (Sample Mean) and standard deviation to find the confidence interval.