Use the Mountain Bike data file from the text CD, shown also below.
a. Form a 95% confidence interval for the population mean price of all mountain bikes. Interpret.
b. What assumptions are made in forming the interval in part a? State at least one important assumption that does not seem to be satisfied, and indicate its impact on this inference.
Mountain Bikes
Brand and Model Price($)
Trek VRX 200........... 1000
Cannondale SuperV400........ 1100
GT XCR-4000........... 940
Specialized FSR........... 1100
Trek 6500............... 700
Specialized Rockhop.......... 600
Haro Escape A7.1............ 440
Giant Yukon SE........... 450
Mongoose SX 6.5............ 550
Diamondback Sorrento......... 340
Motiv Rockridge.......... 180
Huffy Anorak 36789......... 140