Question
A random sample of the closing stock prices in dollars for a company in a recent year is listed below. Assume that is $2.05. Construct
A random sample of the closing stock prices in dollars for a company in a recent year is listed below. Assume that is $2.05. Construct the 90% and 99% confidence intervals for the population mean. Interpret the results and compare the widths of the confidence intervals.
15.85 | 21.31 | 21.91 | 20.92 | 17.14 | 19.99 | 19.97 | 15.59 | |
21.07 | 17.88 | 21.14 | 22.07 | 20.66 | 21.02 | 18.96 | 19.12 |
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Part 1
The 90% confidence interval is left parenthesis $ nothing comma $ nothing right parenthesis .$enter your response here,$enter your response here.
(Round to two decimal places as needed.)
Part 2
The 99% confidence interval is left parenthesis $ nothing comma $ nothing right parenthesis .$enter your response here,$enter your response here.
(Round to two decimal places as needed.)
Part 3
Which statement below interprets the results correctly?
The 90% confidence interval contains the mean closing stock price 90% of the time and the 99% confidence interval contains the mean closing stock price 99% of the time.
There is 90% confidence that the mean closing stock price is in the 90% confidence interval and 99% confidence that the mean closing stock price is in the 99% confidence interval.
The probability that the mean closing stock price is in the 90% confidence interval is about 90% and the probability that the mean closing stock price is in the 99% confidence interval is about 99%.
90% of the mean closing stock prices are in the 90% confidence interval and 99% of the mean closing stock prices are in the 99% confidence interval.
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