Joel Friedlander is a broker on the New York Stock exchange who is curious about the amount of time between the placement and the execution of a market order. Joel sampled 25 orders and found that the mean time to execution was 24.3 minutes with a standard deviation of 3.2 minutes. Help Joel by constructing a 90 percent confidence interval for the mean time to execution.
Given sample mean xbar=24.3, sample standard deviation s=3.2, sample size n=25. For 90% confidence ...
The solution constructs a 90 percent confidence interval for the mean time to execution on the New York Stock exchange.