A credit company randomly selected 50 contested items and recorded the dollar amount being contested. These...
A credit company randomly selected 50 contested items and recorded the dollar amount being contested. These contested items had sample mean ?ത = 95.74 dollars and s = 24.63 dollars. Construct a point estimate for the population mean contested amount, μ, and give its 90% error margin
Homework Answers
The point estimate for population mean is 
= 95.74
DF = 50 - 1 = 49
At 90% confidence level, the critical value is t* = 1.677
Margin of error = t* * s/
= 1.677 * 24.63/
= 5.8413
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