Answer:
98% Confidencce Interval is ( 3030.6, 7467.4 )
Explanation:
Given that:
Sample size
71
Sample size
31
Sample mean
41628
Sample mean
36,379
Population standard deviation
= 4934
Population standard deviation
4180
At 98% confidence interval level, the level of significcance = 1 - 0.98 = 0.02
Critical value at
The Margin of Error =
=
=
=
= 2218.40
The Lower limit =
= ( 41628 - 36379 ) - ( 2218.40)
= 5249 - 2218.40
= 3030.6
The upper limit =
= ( 41628 - 36379 ) + ( 2218.40)
= 5249 + 2218.40
= 7467.4
∴ 98% Confidencce Interval is ( 3030.6, 7467.4 )