Question

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.)

(b) Find a 90% confidence interval for the population average startup costs μ for candy store franchises. (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 |

Step 1

(a)

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

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