76.5k views
3 votes
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

User Mkus
by
6.2k points

1 Answer

6 votes

Final answer:

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.

User Afreekano
by
6.3k points
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.