Question
In a recent sample of86used cars sales costs, the sample mean was$6,125with a standard deviation of$3,152. Assume the underlying distribution is approximately normal. NOTE: If
In a recent sample of86used cars sales costs, the sample mean was$6,125with a standard deviation of$3,152. Assume the underlying distribution is approximately normal. NOTE: If you are using a Student'st-distribution, you may assume that the underlying population is normally distributed. (In general, you must first prove that assumption, though.)
Construct a 95% confidence interval for the population mean cost of a used car.
(i) State the confidence interval. (Round your answers to one decimal place.)
,
(ii) Sketch the graph.
(iii) Calculate the error bound. (Round your answer to one decimal place.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started