The margin of error is determined by the standard deviation, the desired confidence level, and the sample size. Suppose a project director conducted a survey of the daily rental costs for medium-size automobiles and found that a mean daily rental cost of $55.00. Based on a previous study, the director also knew that a reasonable planning value for the population standard deviation was $9.65. The graph below shows a 95% confidence interval using 9.65 as the planning value of the standard deviation. Move the slider slowly from left to right to see how the margin of error changes as n changes.
The margin of error is determined by the standard deviation, the desired confidence level, and the sample size. Suppose a project director conducted a survey of the daily rental costs for medium-size automobiles and found that a mean daily rental cost of $55.00. Based on a previous study, the director also knew that a reasonable planning value for the population standard deviation was $9.65. The graph below shows a 95% confidence interval using 9.65 as the planning value of the standard deviation. Move the slider slowly from left to right to see how the margin of error changes as n changes.
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.5: Comparing Sets Of Data
Problem 13PPS
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The margin of error is determined by the standard deviation, the desired confidence level, and the
Suppose a project director conducted a survey of the daily rental costs for medium-size automobiles and found that a mean daily rental cost of $55.00. Based on a previous study, the director also knew that a reasonable planning value for the population standard deviation was $9.65.
The graph below shows a 95% confidence interval using 9.65 as the planning value of the standard deviation. Move the slider slowly from left to right to see how the margin of error changes as n changes.
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