A Credit Company Has Gathered Information Regarding the Average Amount $\begin{array}{ll}&\text { Under } 30&\text { Over } 30\\&600 & 550 \\n&200 & 300 \\\sigma^2&361 & 400\end{array}$

question 188

Short Answer

A credit company has gathered information regarding the average amount owed by people under 30 years old and by people over 30 years. Independent random samples were taken from both age groups. You are given the following information.
$\begin{array}{ll}&\text { Under } 30&\text { Over } 30\\&600 & 550 \\n&200 & 300 \\\sigma^2&361 & 400\end{array}$ Construct a 95% confidence interval for the difference between the average amounts owed by the two age groups.

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Definitions:

Desirable Place

An area or location that is preferred by people for living, working, or recreation due to its favorable qualities and attributes.

Performance Measures

Quantifiable indicators used to assess how well an individual, group, or entity meets certain standards or achieves objectives over time.

Merit Pay System

A compensation strategy that offers monetary rewards to employees based on their performance and achievements, aimed at motivating and retaining high performers.

Pay Increases

Adjustments made to employees' wages or salaries to reflect changes in performance, market rates, or cost of living.