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 proportion 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?

Starting with our first 95% confidence interval, I had to calculated the T-critical value. This was done in excel and was found to be 2.2622. I then calculated the Standard Error by by dividing my standard deviation by the square root of 10. This was found to be 1735.39. Next I calculated the margin of error by by multiplying the T-critical value by the standard error, giving me 3925.73. I then found by 95% confidence interval by using excel. It was determined that we can be 95% confident that the mean car price for the type of cars I selected is between $29448.77 and $37300.73. For the second 95% confidence interval, we first had to find the Z-critical value. This was done in excel and found to be 1.9510. Next we calculated the the standard error by taking the square root of (p*q). This was found to be 0.1581. Next the margin of error was calculated and determined to be 0.3099. Finally we calculated our 95% confidence interval, determining that we are 95% confident that the population proportion of car prices that are less than $33374.50 is between 19.01% and 80.99%. I have attached a picture of my data