Question
Do you want to own your own candy store? Wow! With some interest in running your own business and a decent credit rating, you can
Do you want to own your own candy store? Wow! With some interest in running your own business and a decent credit rating, you can probably get a bank loan on startup costs for franchises such as Candy Express, The Fudge Company, Karmel Corn, and Rocky Mountain Chocolate Factory. Startup costs (in thousands of dollars) for a random sample of candy stores are given below. Assume that the population ofxvalues has an approximately normal distribution.
100 | 172 | 125 | 90 | 75 | 94 | 116 | 100 | 85 |
(a) Use a calculator with mean and sample standard deviation keys to find the sample mean startup costxand sample standard deviations. (Round your answers to four decimal places.)
x= | thousand dollars |
s= | thousand dollars |
(b) Find a 90% confidence interval for the population average startup costsfor candy store franchises. (Round your answers to one decimal place.)
lower limit | thousand dollars |
upper limit |
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