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Merrill Lynch Securities and Health Care Retirement Inc. are two large employers in

Statistical Techniques in Business and Economics | 15th Edition | ISBN: 9780073401805 | Authors: Douglas Lind, William Marchal, Samuel Wathen ISBN: 9780073401805 480

Solution for problem 13 Chapter Chapter 9

Statistical Techniques in Business and Economics | 15th Edition

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Statistical Techniques in Business and Economics | 15th Edition | ISBN: 9780073401805 | Authors: Douglas Lind, William Marchal, Samuel Wathen

Statistical Techniques in Business and Economics | 15th Edition

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Problem 13

Merrill Lynch Securities and Health Care Retirement Inc. are two large employers in downtown Toledo, Ohio. They are considering jointly offering child care for their employees. As a part of the feasibility study, they wish to estimate the mean weekly child-care cost of their employees. A sample of 10 employees who use child care reveals the following amounts spent last week. $107 $92 $97 $95 $105 $101 $91 $99 $95 $104 Develop a 90 percent confidence interval for the population mean. Interpret the resul

Step-by-Step Solution:

Problem 13

Merrill Lynch Securities and Health Care Retirement Inc. are two large employers in downtown Toledo, Ohio. They are considering jointly offering child care for their employees. As a part of the feasibility study, they wish to estimate the mean weekly child-care cost of their employees. A sample of 10 employees who use child care reveals the following amounts spent last week.

Develop a 90 percent confidence interval for the population mean. Interpret the result.

Step by step solution:

Step 1:

Determine the Population Mean:

Given,

Sample of employees,

Population Mean,

Step 2 of 3

Chapter Chapter 9, Problem 13 is Solved
Step 3 of 3

Textbook: Statistical Techniques in Business and Economics
Edition: 15
Author: Douglas Lind, William Marchal, Samuel Wathen
ISBN: 9780073401805

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Merrill Lynch Securities and Health Care Retirement Inc. are two large employers in