Below You Are Given Ages That Were Obtained by Taking $\begin{array} { l }19&22&23&19&21&22&19&23&21\end{array}$

question 11

Essay

Below you are given ages that were obtained by taking a random sample of nine undergraduate students. $\begin{array} { l }19&22&23&19&21&22&19&23&21\end{array}$
Use Excel to determine an interval estimate for the mean of the population at a 99% confidence level. Interpret your results.

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Definitions:

Opportunity Loss Table

A table used in decision making to show the lost opportunities or costs associated with not choosing the best alternative.

Expected Monetary Value(EMV)

A method employed in making decisions that calculates the mean result in situations where the future holds potential but uncertain events.

Expected Monetary Value

The predicted average amount of money gained or lost from an investment or decision, calculated by considering all possible outcomes and their probabilities.

Gross Profits

Total revenue of a company minus the cost of goods sold.