Your investment advisor proposes a monthly income investment scheme which promises a variable income each month. You will invest in it only if you are assured an average monthly income of at least 770 dollars. Your advisor also tells you that, for the past 36 months, the scheme had incomes with an average value of 812 dollars and a standard deviation of 86 dollars.
(a) Create a 98% confidence interval for the average monthly income of this scheme. (Round your answers to 4 decimal places, if needed.)
(, )
Your last answer was interpreted as follows:
778.6607778.6607
Your last answer was interpreted as follows:
803.3393803.3393
(b) Based on this confidence interval, should you invest in this scheme?
Yes, since the interval contains 770.
Yes, since the interval is completely above 770.
No, since the interval contains 770.
No, since the interval is completely above 770.