Jump to. Yvette Wil Fall17- TREHAN > Activities and Due Dates HW 8-Confidence In
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Question
Jump to. Yvette Wil Fall17- TREHAN > Activities and Due Dates HW 8-Confidence Intervals ent Score: 285/1700 Resources 9 Hint Ch estion 17 of 17 Suppose that Randy is an analyst for the bicyling industry and wants to estimate the asking price of used entry-level road bikes advertised online in the southeastern part of the United States. He obtains a random sample of n = 12 online advertisements of entry-level road bikes. He determines that the mean price for these 12 bikes is $672.46 and that the sample standard deviation is s = $201.42. He uses this information to construct a 95% confidence interval for , the mean price of a used road bike. What is the lower limit of this contidence interval? Please gsive your answer to the nearest cent. ScrollExplanation / Answer
The statistical software output for this problem is:
One sample T summary confidence interval:
: Mean of population
95% confidence interval results:
Hence,
Lower limit = $ 544.48
Mean Sample Mean Std. Err. DF L. Limit U. Limit 672.46 58.144946 11 544.48384 800.43616Related Questions
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