The student council at a high school is discussing whether additional budget should be allocated to extracurricular activities. After much debate, it's decided that if the average student is spending more than 5 hours a week on extra curriculars, more funding should be allocated. a. Compute a 95% confidence interval for the true average time a student at this school spends on extracurricular activities. b. Interpret what this confidence interval means in context. c. Should the student council allocate more funds? Use the confidence interval from part (a) to inform your decision. A used car dealer is trying to price his vehicle based on the competition in his state. He takes a sample of 100 car dealerships and finds that the average car is sold for $12,000 with a standard deviation of $5,000. a. Compute a 90% confidence interval for the true average selling price of used cars in his state. b. Interpret what this confidence interval means in context. c. If the used car dealer wants to be 90% confident that his average sale price is undercutting the competition, what's the highest price he can sell his cars for (on average) and still be undercutting his competitors?