Henry bought a new car for $24,000.He made a down payment of 20% and financed the balance for 10% with 24 equal monthly payments
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Answer:
The 95% confidence interval for the average price of a home in Gainesville of this size is between 183,772.5 square feet and 242,207.5 square feet.
Step-by-step explanation:
We have the standard deviation of the sample, so we use the students t-distribution.
The first step to solve this problem is finding how many degrees of freedom, we have. This is the sample size subtracted by 1. So
df = 6 - 1 = 5
Now, we have to find a value of T, which is found looking at the t table, with 5 degrees of freedom(y-axis) and a confidence level of 0.95(). So we have T = 2.015
The margin of error is:
M = T*s = 2.015*14500 = 29217.5.
In which s is the standard deviation of the sample.
The lower end of the interval is the sample mean subtracted by M. So it is 212990 - 29217.5 = 183,772.5 square feet
The upper end of the interval is the sample mean added to M. So it is 212990 + 29217.5 = 242,207.5 square feet
The 95% confidence interval for the average price of a home in Gainesville of this size is between 183,772.5 square feet and 242,207.5 square feet.