Peyton Platte & Sierra Watts

Mrs. Sarah Lewis

Statistics and Probability

11 February 2020

$traight Dolla$

For this project, my partner and I were given a range of values that showed the annual

profit per employee from establishments like Wells Fargo, First Bank System, and Key Banks.

To find the sample size we counted the number of data values Mrs. Lewis gave us regarding the

annual profit per employee at an establishment like Wells Fargo, First Bank System, and Key

Banks. We counted 42 data values. To find the sample mean we plugged in all 42 of our values

into a calculator then we went to STAT, 1-VARS, and scrolled down to σ get a value of 36. The

36 means that that’s the average of the 42 numbers given to us. Lastly, I subtracted 1 from our

sample size to find the degrees of freedom.

For the next section of our project we used the confidence interval table to answer the rest

of the questions. To find the critical values for 90%, 95%, and 99% we looked on the left side of

the table that has the percent listed and followed it over to the right side that gave us the critical

value. For 90% we got 1.645, 95% we got 1.96, and 99% we got 2.58. We need these critical

values to help us find the margin of error in our data values which will then help us find the

confidence range for each percent. The next step was to find the margin of error. To calculate
σ
this we used the formula given to us which was E= z c • √n
. To find the error in 90% we plugged

10.1
in our values so it was E= 1.645 • √42
and we got a margin of error of 2.56. For the 95%
confidence interval, we used the same equation but adjusted the confidence level. The equation
10.1 10.1
was E=1.96 • √42
. We also used this equation for 99%, it was E=2.58 • √42
.

The 90% interval of $33,440 to $38,560 means that we are 90% confident that the annual

profit per employee falls between these values. Next, the 95% interval of $32,950 to $39,050

means we are 95% confident that the annual profit per employee falls between these values.

Finally, the 99% interval of $31,980 to $40,020 means that we are 99% confident that the annual

profit per employee falls between these values.