Concept explainers
In a recent sample of 84 used car sales costs, the sample mean was $6425 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 X in words.
c. Construct a 95°b confidence interval for the population mean cost of a used car.
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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.
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- Glencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw Hill