Let a random sample of 100 homes sold yields a sample mean saleprice of $100,000 and a sample standard deviation of $5,000. Find a99% confidence interval for the average sale price given theinformation provided above.
Calculate the following:
1) Margin of error = Answer
2) x̄ ± margin error = Answer < μ < Answer
Table1 -
Common Z-values for confidence intervals
Confidence Level Zα/2
90% 1.645
95% 1.96
99% 2.58
