A random sample of 49 salespersons were asked how long on average
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question.docxA random sample of 49 salespersons were asked how long on average they were able to talk to a potential customer. Their answers revealed a mean of 8.800000000 with a variance of 6 minutes. Construct a 95% confidence interval for the time it takes a salesperson to talk to a potential customer.
LCL = 7.514142872, UCL = 8.785857128 LCL = 8.114142872, UCL = 9.485857128 LCL = 8.614142872, UCL = 11.08585713 LCL = 7.614142872, UCL = 10.98585713 LCL = 8.714142872, UCL = 10.58585713
What does the interpretation of a 90% confidence interval estimate mean?
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If we repeatedly draw samples of the same size from the same population, 90% of the values of the sample means will result in a confidence interval that includes the population mean |
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There is a 90% probability that the population mean will lie between the lower confidence limit (LCL) and the upper confidence limit (UCL). |
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We are 90% confident that we have selected a sample whose range of values does not contain the population mean. |
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There is a 10% probability that the population mean will lie between the lower confidence limit (LCL) and the upper confidence limit (UCL). |
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If we repeatedly draw samples of the same size from the same population, 10% of the values of the sample means will result in a confidence interval that includes the population mean. |
A random sample of 64 people revealed it took an average (mean) of 52 minutes with a standard deviation of 8 minutes for a person to complete a loan application at the bank. Construct a 90% confidence interval for the true time it takes any person to complete a loan form.
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LCL = 49.75500000, UCL = 52.94500000 |
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LCL = 49.85500000, UCL = 55.14500000 |
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LCL = 50.95500000, UCL = 54.74500000 |
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LCL = 50.35500000, UCL = 53.64500000 |
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LCL = 50.85500000, UCL = 55.24500000 |
