Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

650-Q1 Total taxi fares are determined by distance travelled as well as the amount of time taken for the trip. In preparing to apply for

650-Q1

Total taxi fares are determined by distance travelled as well as the amount of time taken for the trip. In preparing to apply for a rate increase, the general manager of a fleet of taxis wanted to know the distance customers travel by taxi on the average trip

She organized a survey wherein she asked taxi drivers to record the number of miles (to the nearest one-tenth) travelled by randomly selected customers.

A sample of 41 customers was produced. The sample results appear below.

  1. Construct a 95% confidence interval around the sample mean.
  2. Be sure to show whether you use the t- or z- value, and interpret the meaning confidence interval in a single sentence. Also, state why you used either the "t" or the "z".

8.2, 9.1, 11.2, 5.0, 6.4, 9.5, 10.1, 7.9, 8.3, 6.8, 6.9, 7.9, 1.1, 6.7, 11.4, 6.9,

6.5, 8.0, 1.5, 8.2, 7.6, 14.1, 7.0, 10.0, 7.1, 8.0, 8.1, 4.4, 5.9, 2.3, 13.3, 9.2,

2.8, 13.0, 8.3, 10.4, 9.0, 3.5, 9.8, 6.5, 7.7

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

An Introduction to the Mathematics of financial Derivatives

Authors: Salih N. Neftci

2nd Edition

978-0125153928, 9780080478647, 125153929, 978-0123846822

More Books

Students also viewed these Mathematics questions