Mekhia M.

asked • 11/23/23

Statistics Homework

In a survey, 25 people were asked how much they spent on their child's last birthday gift. The results were roughly bell-shaped with a mean of $41 and standard deviation of $4. Find the margin of error at a 98% confidence level.


Give your answer to two decimal places.

1 Expert Answer

By:

Raymond B. answered • 11/23/23

Tutor
5 (2)

Math, microeconomics or criminal justice

Mekhia M.

For some reason my system is telling me the answer was wrong. Do you know what could be the problem?
Report

11/24/23

Neeta G.

tutor
MOE=Z*Std. dev/sqrt(n)=2.326*4/sqrt(25) Evaluate the expression to get your answer. (How to get the z value: The margin of error formula requires the z value corresponding to alpha /2. So we need to get the alpha/2 first- alpha=(1-Confidence Level)=(1-.98)=.02 alpha/2=0.02/2=0.01. Now use the z table or TI84 and use invNORM function to get z score for area=.01, mean=0 and std dev=1. It will return 2.326.)
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12/01/23

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