A consumer organization wants to estimate the actual tread wear index of a brand name of tires that claims "graded 250" on the sidewall of the tire. A random sample of n=25 indicates a sample mean tread wear index of 238.6 and a sample standard deviation of 27.8. Assuming that the population of tread wear indexes is normally distributed, construct a 99% confidence interval estimate of the population mean tread wear index for tires produced by this manufacturer under this brand name. Enter the lower boundary of the interval below. Round to two decimal places.
A consumer organization wants to estimate the actual tread wear index of a brand name of tires that claims "graded 250" on the sidewall of the tire. A random sample of n=25 indicates a sample mean tread wear index of 238.6 and a sample standard deviation of 27.8. Assuming that the population of tread wear indexes is normally distributed, construct a 99% confidence interval estimate of the population mean tread wear index for tires produced by this manufacturer under this brand name. Enter the lower boundary of the interval below. Round to two decimal places.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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