A realtor would like to create a 95% confidence interval for the average price of a...
A realtor would like to create a 95% confidence interval for the average price of a house in Franklin County, Ohio. To accomplish this, she collected a random sample of 529 houses and calculated a sample mean price of $320,128. She knows that the population standard deviation for house prices in Franklin County is $50,324. What is her 95% confidence interval?
Homework Answers
Critical value:
Z 
/2 = Z 0.05/2 = 
1.96 .....................using standard Normal table
95% Confidence interval:
We are 95% COnfident that population mean (
)
lies in this interval.
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