A company analyzed its daily revenue data from a random sample of 4848 workdays and found that the mean daily revenue was $$780\780$$, with a known population standard deviation of $$120\120. $$The 95%95\% confidence interval was calculated to be ($$746.1,813.9$$\$$746.1,\$$\text{813.9}). Would it be unusual for the actual population mean daily revenue to exceed $$820\820$$? Briefly explain your reasoning.

Yes, because $$820\820 is $$above the upper bound of the confidence interval.

No, because $$820\820 is $$within the confidence interval.

No, because the sample mean is only $$780\780.$$

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1. Introduction to Statistics(0)

Intro to Stats
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Intro to Collecting Data
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Sampling Methods
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2. Describing Data with Tables and Graphs(0)

Visualizing Qualitative vs. Quantitative Data
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Frequency Distributions
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Histograms
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Bar Graphs and Pareto Charts
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Pie Charts
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Frequency Polygons
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Stemplots (Stem-and-Leaf Plots)
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Time-Series Graph
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3. Describing Data Numerically(0)

Mean
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Median
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Mode
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Standard Deviation
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Interpreting Standard Deviation
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Percentiles & Quartiles
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Boxplots
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4. Probability(0)

Basic Concepts of Probability
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Complements
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Addition Rule
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Multiplication Rule: Independent Events
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Introduction to Contingency Tables
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Multiplication Rule: Dependent Events
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Bayes' Theorem
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Fundamental Counting Principle
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Counting
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5. Binomial Distribution & Discrete Random Variables(0)

Discrete Random Variables
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Binomial Distribution
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Poisson Distribution
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Hypergeometric Distribution
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6. Normal Distribution & Continuous Random Variables(0)

Uniform Distribution
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Standard Normal Distribution
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Non-Standard Normal Distribution
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7. Sampling Distributions & Confidence Intervals: Mean(0)

Sampling Distribution of the Sample Mean and Central Limit Theorem
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Introduction to Confidence Intervals
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Confidence Intervals for Population Mean
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Determining the Minimum Sample Size Required
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8. Sampling Distributions & Confidence Intervals: Proportion(0)

Sampling Distribution of Sample Proportion
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Confidence Intervals for Population Proportion
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Chi Square Distribution
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Confidence Intervals for Population Variance
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9. Hypothesis Testing for One Sample(0)

Steps in Hypothesis Testing
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Type I & Type II Errors
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Two Proportions
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Two Means - Unknown, Unequal Variance
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Two Means - Unknown, Equal Variance
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Two Means - Known Variance
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Two-Way ANOVA
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7. Sampling Distributions & Confidence Intervals: Mean

Confidence Intervals for Population Mean

7. Sampling Distributions & Confidence Intervals: Mean

Confidence Intervals for Population Mean: Videos & Practice Problems

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Problem 111Multiple Choice

A company analyzed its daily revenue data from a random sample of $48$ workdays and found that the mean daily revenue was $dollar sign 780$ , with a known population standard deviation of $dollar sign 120$ . The $95 percent sign$ confidence interval was calculated to be ( $dollar sign 746.1 comma dollar sign 813.9$ ). Would it be unusual for the actual population mean daily revenue to exceed $dollar sign 820$ ? Briefly explain your reasoning.

No, because $dollar sign 820$ is within the confidence interval.

No, because the sample mean is only $dollar sign 780$ .

Yes, because $dollar sign 820$ is above the upper bound of the confidence interval.

Yes, because the standard deviation is too high.

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