A statistician calculates a 95% confidence interval for Mean when Standard Deviation is known. The confidence interval is Rs.18000 to Rs.22000, the amount of the sample mean is:
Answer: We are given the 95% confidence interval for the population mean with Upper limit = 22000 and lower limit = 18000
We can find the sample mean using these limits of confidence interval as:
Sample mean [tex]=\frac{Upper-limit + Lower-limit}{2} =\frac{22000+18000}{2} =\frac{40000}{2} = 20000[/tex]
Therefore, the sample mean = 20,000
