Question
Aninternational biotech firm conducted a survey to determine the value of new business created over the last month in millions of dollars. From 23 responses,
Aninternational biotech firm conducted a survey to determine the value of new business created over the last month in millions of dollars. From 23 responses, the mean and standard deviation were found to be $1.923 and $0.649 million respectively. Assuming the data were collected through a random sample and that the value of new business created per month is approximately normally distributed, calculate a 95% confidence interval estimate of the average value of new business created per month in millions of dollars. State only the upper bound correct tothree decimal places.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started