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The problem states: I have 150 quarters. Calculate a confidence interval for the number of coins in my jar. The optimal change is always given. The distribution of coins are discrete uniform.
I have also found that probability of a quarter=.31, probability of a penny=.42, probability of a nickel=.08, and probability of a dime=.1702.
Guidlines suggest to say that q=# of quarters as random variable which comes from population of N=total number of coins as parameter. Use a normal approximation to the appropriate distribution.
Thanks for any help, I'm so stuck
I have also found that probability of a quarter=.31, probability of a penny=.42, probability of a nickel=.08, and probability of a dime=.1702.
Guidlines suggest to say that q=# of quarters as random variable which comes from population of N=total number of coins as parameter. Use a normal approximation to the appropriate distribution.
Thanks for any help, I'm so stuck