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Category > Business & Finance Posted 25 Nov 2017 My Price 5.00

In a recent sample of 84 used car sales costs, the sample mean was $6,425 with a standard deviation of

In a recent sample of 84 used car sales costs, the sample mean was $6,425 with a standard deviation of $3,156. Assume the underlying distribution is approximately normal.

a. Which distribution should you use for this problem? Explain your choice.

b. Define the random variable http://test.transtutors.com/qimg/5057fbc2-8940-4f28-b934-196677afc96e.png in words.

c. Construct a 95% confidence interval for the population mean cost of a used car.

i. State the confidence interval.

ii. Sketch the graph.

iii. Calculate the error bound.

 

d. Explain what a “95% confidence interval” means for this study.

Answers

SmartExpert
(118)
Status NEW Posted 25 Nov 2017 04:11 AM My Price 5.00

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Attachments

file 1511585560-In a recent sample of 84 used car sales costs.docx preview (243 words )
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