Question

suppose that the cash flow, in dollars , for a pharmacy are normally distributed with an unknown mean and standard deviation. the cash flow of 40 randomly sampled pharmacies are used to estimate the mean of the population. what t-score should be used to find the 80% confidence interval for the population mean?

Answer 1

The t-score should be used to find the 80% confidence interval for the population mean is $1.304

the interval of confidence:  This indicates the degree of confidence and ambiguity in a sampling process. It provides us with a range of outcomes, indicating that we would be reasonably certain that our genuine value or variable falls inside the range.

The sample size was 40 pharmacies (n=40). To calculate the degrees of freedom, use the formula: df=n-1=40-1=39.

The scenario specifies an 80% confidence level. So,α=1−CL=1−0.8=0.2 However, we wish to utilize the value for 2, which would be 0.22=0.1. We ought to locate the row for 39 freedom degrees and the column for t0.1 using the table. So the t-score for determining the 80% confidence interval is 1.304. We may alternatively use a calculator and enter 1-α2=0.9 as well as the degrees of freedom into invT, and then enter invT. (0.9,39).

Learn more about confidence interval here:https://brainly.com/question/17212516

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