Math Problem Statement

Apex Solutions, a local moving and hauling firm, wants to determine their average daily expenditures (in dollars). A sample of the expenditures for 52 days revealed average expenditures of $136,000 and a sample standard deviation of $17,000. Provide a 90% confidence interval estimate for the average daily expenditures

Solution

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Math Problem Analysis

Mathematical Concepts

Statistics
Confidence Interval
T-distribution

Formulas

Confidence Interval = x̄ ± t(α/2) × (s / √n)
Margin of Error = t(α/2) × (s / √n)

Theorems

T-distribution critical value

Suitable Grade Level

College Level / Advanced High School