Answer:
$393.50+/-$19.72
= ( $373.78, $413.22)
Therefore, the 95% confidence interval (a,b) = ($373.78, $413.22)
Step-by-step explanation:
Confidence interval can be defined as a range of values so defined that there is a specified probability that the value of a parameter lies within it.
The confidence interval of a statistical data can be written as.
x+/-zr/√n
Given that;
Mean x = $393.50
Standard deviation r = $50.30
Number of samples n = 25
Confidence interval = 95%
z value(at 95% confidence) = 1.96
Substituting the values we have;
$393.50+/-1.96($50.30/√25)
$393.50+/-1.96($10.06)
$393.50+/-$19.7176
$393.50+/-$19.72
= ( $373.78, $413.22)
Therefore, the 95% confidence interval (a,b) = ($373.78, $413.22)
At first, Anita looks like her account would grow faster. By month 4, shes at $1,200 while Miguel is at $400. However, Anita is only getting $200 a month. While Miguel gets double of whatever amount he has in his bank account. By month 10, Anita is at $2,400 while Miguel has $25,600. That is a $23,200 difference. So Miguel's bank account will grow faster than Anita.
Fixed costs:
$350 + $120 + $170 = $640
Variable costs:
x * ( $6.50 + $3.64 ) = x * 10.14
Sales income ( total ):
x * $36.40
FC + FV - Income = 0
640 + 10.14 x - 36.40 x = 0
640 - 26.26 x = 0
26.26 x = 640
x = 640 : 26.26 = 24.37
Answer:
The minimum number of passengers needed per cruise, so that the cruise company can be sure it will make a profit is 25.