A sample survey of 52 discount brokers showed that the mean price charged for trade of 100 shares at 850 per share was 833.8. The survey is conducted annually: With the historical data available_ assume known population standard deviation of 813. Using the sample data, what is the margin of error associated with a 95% confidence interval (to 2 decimals)? Develop 95% confidence interval for the mean price charged by discount brokers for a trade of 100 shares at 850 per share (to 2 decimals)_
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We are given the sample mean (x̄) = 833.8, sample size (n) = 52, and population standard deviation (σ) = 81.3. Show more…
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