Complete problem 1-2 below.
Use the mean, standard deviation and sample size of these 2 categories: Cost of Tuition Out-of-State and Dollar Amount of Financial Aid per student.
You will use the mean of the proportions (rounded to 4 decimal places) and the mean of the enrollment (rounded to the nearest integer) for these 2 categories: Proportion of students receiving aid, and overall graduation rate.
Here are the problems you need to complete with your means and standard deviations from Phase 1, Part C:
1) Construct 95% and 99% confidence intervals using your sample mean for each of the categories listed below (2 intervals for each category, you will complete 4 total confidence intervals ) Use your mean and standard deviation from Phase 1 to construct the confidence intervals for each category. Use t-intervals assuming the distributions are normally distributed. Show the work of constructing the intervals by hand similar to example 3 on page 313 and WRITE AN INTERPRETATION (like in example 3) FOR EACH CONFIDENCE INTERVAL YOU BUILD.
a) Cost of tuition: out-of-state
b) Dollar amount of financial aid per student (no loans)
2.) Construct 95% and 99% confidence intervals using your sample mean for each of the categories listed below (2 intervals for each category, you will complete 4 total confidence intervals). Use a 1-proportion z-interval done in example 2 on page 322; use your sample mean (rounded to 4 decimal places) from excel to be the sample proportion (p-hat) for each category, and use the mean of the enrollment as your sample size (round to the nearest integer).
a) Proportion of Student receiving aid
b) Graduation rate