1 answer

Prob

Question:

A survey of 50 retail stores revealed that the average price of a microwave was $375 with a standard error of $20. Assuming the population is normally distributed,what is the 99% confidence interval to estimate the true cost of the microwave?


Answers

a=0.01, |Z(0.005)|=2.58 (check standard normal table)

SO 99% CI is
xbar± Z*s/√n

--> 375±2.58*20/sqrt(50)

--> ( 367.7027, 382.2973)

.

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