Felicia Hendrix Bennett The estimate I am going to use is the amount of money I carry every day in my purse. The data represents the amount of money in my purse for a period of 25 days. Amount ($) 112...

Choose a classmates’ data (see attached data supplied with this assignment). Collect your own data and find your own confidence interval and compare. If, for example, your point estimate is less than your classmate’s point estimate, can you be sure or confident that the corresponding parameter is less? Why or why not, and what could you do to try to figure it out? What impact do the bounds of the intervals have?


Felicia Hendrix Bennett The estimate I am going to use is the amount of money I carry every day in my purse. The data represents the amount of money in my purse for a period of 25 days. Amount ($) 112 156 192 57 45 153 106 152 49 77 189 250 50 175 129 72 84 185 95 202 206 150 142 145 192 The mean amount of money in my purse is $134.6. The standard deviation of money in my purse is $57.53. First, does your sample data meet all assumptions necessary to construct the confidence interval of the type you need? Yes, my sample data meet all assumptions necessary to construct the confidence interval: 1. The sample size of the data is 25. 2. The sample mean and sample standard deviation is defined. 3. In order to construct a confidence interval, I will choose a 95% Confidence interval. Even if it doesn’t, construct and interpret the confidence interval. 95% Confidence Interval will be: Z-score corresponding to 95% Confidence interval is 1.96. Confidence Interval = Sample mean ± z*(Sample standard deviation/ Sample size) = x̄ ± z*(σ/√n) = 134.6 ± 1.96 * (57.53/√25) = 134.6 ± 1.96 * 11.51 = 134.6 ± 22.5525 = ( 134.6 - 22.5525, 134.6 + 22.5525) = ( 112.0475, 157.1525) Therefore, 95% confidence interval for the amount of money in my purse is between $112.0475 and $157.1525.