Asked by Jazlyn McGinnis on May 10, 2024
Verified
A sample of 100 information systems managers had an average hourly income of $40.00 with a standard deviation of $8.00.The value of the margin of error at 95% confidence is
A) 80.
B) 8.
C) .10.
D) 1.568.
Confidence interval
An estimated range of values calculated from sample data that is likely to include the true population parameter with a specified level of confidence.
Average hourly income
The average amount of money earned by an individual or group per hour worked.
- Deploy appropriate formulaic approaches to ascertain the standard error of the mean and the margin of error in various cases.
Verified Answer
JD
Jaquelynn DavisMay 14, 2024
Final Answer :
D
Explanation :
To find the margin of error, we use the formula:
Margin of Error = z * (standard deviation/square root of sample size)
We know that our sample size is 100, the standard deviation is $8.00, and we want to find the margin of error at a 95% confidence level. To find the z-score, we can use a z-table or calculator to find the z-score that corresponds to a 95% confidence level, which is 1.96.
So, plugging in the numbers:
Margin of Error = 1.96 * ($8.00/square root of 100)
Margin of Error = 1.96 * $0.80
Margin of Error = $1.568
Therefore, the margin of error at 95% confidence is $1.568, which is answer choice D.
Margin of Error = z * (standard deviation/square root of sample size)
We know that our sample size is 100, the standard deviation is $8.00, and we want to find the margin of error at a 95% confidence level. To find the z-score, we can use a z-table or calculator to find the z-score that corresponds to a 95% confidence level, which is 1.96.
So, plugging in the numbers:
Margin of Error = 1.96 * ($8.00/square root of 100)
Margin of Error = 1.96 * $0.80
Margin of Error = $1.568
Therefore, the margin of error at 95% confidence is $1.568, which is answer choice D.
Learning Objectives
- Deploy appropriate formulaic approaches to ascertain the standard error of the mean and the margin of error in various cases.