A luxury car manufacturer keeps detailed records on all current owners of their vehicles. The marketing...
A luxury car manufacturer keeps detailed records on all current owners of their vehicles. The marketing director takes a random sample of 9 customer records and finds an average age of 53.7 and a standard deviation of 6.5 for owners.
Assuming all conditions of inference were met, what is the lower limit for a 95% confidence interval for the average age of all owners of this luxury car?
Homework Answers
Solution :
t
/2,df = 2.306
Margin of error = E = t/2,df
* (s /
n)
= 2.306 * (6.5 /
9)
Margin of error = E = 5.0
Lower limit = 53.7 - 5.0 = 48.7
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