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the sample mean salary of 500 nba players is 5 million dollars. we also know that the population standard deviation is 0.7 million dollars. we want to construct a confidence interval for population mean with 95% confidence. what will be the length of our confidence interval (in terms of million dollars)?

Respuesta :

The length of our confidence interval (in terms of million dollars) is (4.9412,5.0588)

A 95% confidence  interval on the z-table is 1.96.

Now find the standard error using the formula: standard deviation /  square root sample size:

0.7 / √500 = 0.03

Multiply to the confidence interval: 1.96 x 0.03 = 0.0588

Now add and subtract the average salary of the nba players:

5.0000 - 0.0588 = 4.9412(million dollar)

5.0000 + 0.0588 = 5.0588(million dollar)

The answer is 4.9412 ≤ u ≤ 5.0588(million dollar)

To Learn more about length of confidence interval question:

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