Question
Determine the point estimate of the population mean and margin of error for the confidence interval with lower bound 3 and upper bound: 27.
Determine the point estimate of the population mean and margin of error for the confidence interval with lower bound 3 and upper bound: 27.
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Koala Tutor
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The point estimate of the population mean is the midpoint of the confidence interval, which is calculated as (lower bound + upper bound) / 2. So, (3 + 27) / 2 = 15.
The margin of error is the difference between the point estimate and either end of the confidence interval. So, 27 - 15 = 12 or 15 - 3 = 12.
So, the point estimate of the population mean is 15 and the margin of error is 12.
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