pick another confidence level, i.e. 90%, 99%, 97%, any other confidence level is fine. Have fun and be creative with it and calculate another T-confidence interval and interpret your results. Compare your results to that of the initial 95%, how much do they differ? How useful can this type of information be when you go to buy a new car, or even a house?

Hi everyone, happy 1|.I'l.l'ednesday! I hope everyone is doing well. This weeks discussion was a little difficult. but the PDFs were once again life saving. The T critical value was calculated by using T.INV{.9?5,9J, which resulted in 2.25. Then I used the standard deviation of $14,a25.?s, mean of $359333 and the number of cars which is 1G, and plugged it into the formula 5!? :l: T(SlJ1E[l))- Ml" first interval is $24,149.92. Using the same formula but adding my T rather than subtracting, I got the interval of $49.3913. The 95% confidence interval is between $24,149.92 and $4?.391.UB. To find the Z critical valuer NORMSJHWETS} is used and gives the value of 1.96. | used my P of .TD and Q of .30. In order to solve thisr the formula that was used is ID 95% confidence interval that the population proportion of car price will fall below $35,??[l5 is 42% - 93%. P :l: Z( ) . My first value is 42% and the second value is 93%. The Truthfullyr l was a little shocked by the huge gap in the mean car price. It was essentially doubled so it took me by surprise, but I originally had a pretty good gap between my lowest priced car and my highest priced so I should've expected it