Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Because of different sales ability, experience, and devotion, the incomes of real estate agents vary considerably. Suppose that in a large city the annual income

Because of different sales ability, experience, and devotion, the incomes of real estate agents vary considerably. Suppose that in a large city the annual income is normally distributed with a standard deviation of $15,000. A random sample of 16 real estate agents was asked to report their annual income (in $1,000). The responses are listed here. Determine the 99% confidence interval estimate of the mean annual income of all real estate agents in the city.

Because of different sales ability, experience, and devotion, the incomes

65 94 57 111 83 61 50 73 68 80 93 84 113 41 60 77

Step by Step Solution

3.36 Rating (152 Votes )

There are 3 Steps involved in it

Step: 1

The sample mean will be calculated as shown in the image below next we calculate the 99 confi... 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

Principles of Information Security

Authors: Michael E. Whitman, Herbert J. Mattord

4th Edition

978-1111138219, 1111138214, 978-1285448367

More Books

Students also viewed these Operating System questions

Question

what is the debt equity ratio

Answered: 1 week ago

Question

What is a performance baseline?

Answered: 1 week ago