CheemnCatelvew

2021-08-20

The mean time to sell a residential property in the area is 60 days.
You select a random sample of 20 homes sold in the last year and find the mean selling time is 65 days with a standard deviation of 9 days.
Based on the data, develop a 95 percent confidence interval for the population mean.

Macsen Nixon

Skilled2021-08-21Added 117 answers

We want to construct a 95 percent confidence interval for the population mean. Confidence Interval Estimates for the Mean: If the population standard deviation is unknown and sample size is less than 30 then we use t-distribution and the confidence interval becomes

=(60.788,69.212) Therefore, the 95 percent confidence interval for the population mean is (60.788, 69.212). hence, the final answer is : The 95% confidence interval is (60.788,69.212).

22+64

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