10th Edition

ISBN: 9780321989178

Author: Neil A. Weiss

Publisher: PEARSON

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Chapter 8, Problem 19RP

Millionaires. Dr. Thomas Stanley of Georgia Slate University has surveyed millionaires since 1973. Among other information, Stanley obtains estimates for the mean age, μ, U.S. millionaires.

Suppose that 36 randomly selected U.S. millionaires are the following ages, in years.

Chapter 8, Problem 19RP, Millionaires. Dr. Thomas Stanley of Georgia Slate University has surveyed millionaires since 1973.

Determine a 95% confidence interval for the mean age, μ, of all U.S. millionaires. Assume that the standard deviation of ages or all U.S. millionaires is 13.0 years. (Note: The mean of the data is 58.53 years.)

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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Chapter 8, Problem 18RP

Chapter 8, Problem 20RP

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Chapter 8 Solutions

Introductory Statistics (10th Edition)

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Solution Summary: The author explains the 95% confidence interval for the population mean age of all U.S. millionaires.

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