Bob Nale is the owner of Nales Quick Fill. Bob would like to estimate the mean number
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Bob Nale is the owner of Nale’s Quick Fill. Bob would like to estimate the mean number of gallons of gasoline sold to his customers. Assume the number of gallons sold follows the normal distribution with a population standard deviation of 2.30 gallons. From his records, he selects a random sample of 60 sales and finds the mean number of gallons sold is 8.60.
a. What is the point estimate of the population mean?
b. Develop a 99% confidence interval for the population mean.
c. Interpret the meaning of part (b).
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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a 860 gallons b 7834 and 9366 ...View the full answer
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Related Book For 
Statistical Techniques in Business and Economics
ISBN: 978-1259666360
17th edition
Authors: Douglas A. Lind, William G Marchal
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