The amount of money that is left in a medical savings account is expressed by the equation y=-24x+379, where x represents the nu
mber of weeks and y represents the amount of money, in dollars, that is left in the account. After how many weeks will the account have $67 left in it?
2 answers:
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Answer: The margin of error = 3.71, confidence interval = (354.04, 361.46) and it means that mean cost is lies within the confidence interval.
Step-by-step explanation:
Since we have given that
Sample size = 400
Mean = $357.75
Standard deviation = $37.89
At 95% confidence level, z = 1.96
We first find the margin of error.
Margin of error is given by
95% confidence interval would be
Hence, the margin of error = 3.71, confidence interval = (354.04, 361.46) and it means that mean cost is lies within the confidence interval.