00:01
Okay, so i see that you need help with this question, and it says, in a survey conducted to determine the cost of holidays, 196 individuals were randomly sampled.
00:10
Each was asked to assess the total cost of his or her most recent holiday.
00:14
The average cost was $1 ,386.
00:20
Part a, assuming that the population standard deviation was 500, estimate the population mean cost of the holidays with a 99 % confidence interval, so that means that the z score is 2 .576.
00:39
Give a lower and upper confidence interval.
00:42
So this is part a.
00:44
So you're going to take 1 ,386.
00:47
You're going to do plus or minus 2 .576 times your standard deviation of 500 over the square root of 196.
01:00
So 1 ,386 plus or minus 2 .576 times 500 divided by 196.
01:09
Oops.
01:10
Square root of 196...