A stationery store wants to estimate the mean retail value of greeting cards that it has in its inventory. A random sample of100 greeting cards indicates a mean value of $3.75 and a standard deviation of $0.43.a.Assuming a normal distribution, construct a99%confidence interval estimate of the mean value of all greeting cards in the store's inventory.b.Suppose there were1,500greeting cards in the store's inventory. How are the results in part (a) useful in assisting the store owner to estimate the total value of her inventory? a.____≤μ≤____(Round to two decimal places as needed.)

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MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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A stationery store wants to estimate the mean retail value of greeting cards that it has in its inventory. A random sample of

100 greeting cards indicates a mean value of $3.75 and a standard deviation of $0.43.

a.	Assuming a normal distribution, construct a 99% confidence interval estimate of the mean value of all greeting cards in the store's inventory.
b.	Suppose there were 1,500 greeting cards in the store's inventory. How are the results in part (a) useful in assisting the store owner to estimate the total value of her inventory?

____≤μ≤____

(Round to two decimal places as needed.)

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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