Repeat Exercise 37, using a population standard deviation of = $375.00. Which confidence interval is wider?

Repeat Exercise 37, using a population standard deviation of σ = $375.00. Which confidence interval is wider? Explain.

Exercise 37

You work for a consumer advocate agency and want to estimate the population mean cost of replacing a car’s transmission. As part of your study, you randomly select 50 replacement costs and find the mean to be $2650.00. Assume the population standard deviation is $425.00. Construct a 95% confidence interval for the population mean replacement cost. Interpret the results.