Do you want to own your own candy store? Wow! With some interest in running your own business and a decent credit rating, you can probably get a bank loan on startup costs for franchises such as Candy Express, The Fudge Company, Karmel Corn, and Rocky Mountain Chocolate Factory. Startup costs (in thousands of dollars) for a random sample of candy stores are given below. Assume that the population of x values has an approximately normal distribution.9917513191759411610085(a) Use a calculator with mean and sample standard deviation keys to find the sample mean startup cost x and sample standard deviation s. (Round your answers to one decimal place.)x =  thousand dollarss =  thousand dollars(b) Find a 90% confidence interval for the population average startup costs μ for candy store franchises. (Round your answers to one decimal place.)lower limit      thousand dollarsupper limit      thousand dollars

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Asked Jul 7, 2019
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Do you want to own your own candy store? Wow! With some interest in running your own business and a decent credit rating, you can probably get a bank loan on startup costs for franchises such as Candy Express, The Fudge Company, Karmel Corn, and Rocky Mountain Chocolate Factory. Startup costs (in thousands of dollars) for a random sample of candy stores are given below. Assume that the population of x values has an approximately normal distribution.

99 175 131 91 75 94 116 100 85
(a) Use a calculator with mean and sample standard deviation keys to find the sample mean startup cost x and sample standard deviation s. (Round your answers to one decimal place.)
x =   thousand dollars
s =   thousand dollars

(b) Find a 90% confidence interval for the population average startup costs μ for candy store franchises. (Round your answers to one decimal place.)
lower limit       thousand dollars
upper limit       thousand dollars
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Expert Answer

Step 1

(a)

Using the provided data, the sample mean and standard deviation can be calculated using Excel function “AVERAGE( )” and “STDEV.S( )”, respectively.

  1. E...
AVERAGE(A1:A9)
E1
A
D
107.3333
1
99
2
175
131
4
91.
5
75
6
94
7
116
8
100
85
10
fr
STDEV.S(A1:A9)
E4
E
A
99
107.3333
2
175
3
131
30.26136
91
5
75
6
94
7
116
100
9
85
10
Therefore
107.3 thousand dollars], s =
30.3 thousand dollars
et
co a
help_outline

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AVERAGE(A1:A9) E1 A D 107.3333 1 99 2 175 131 4 91. 5 75 6 94 7 116 8 100 85 10 fr STDEV.S(A1:A9) E4 E A 99 107.3333 2 175 3 131 30.26136 91 5 75 6 94 7 116 100 9 85 10 Therefore 107.3 thousand dollars], s = 30.3 thousand dollars et co a

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