An online used car company sells second-hand cars. For 30 randomly selected transactions, the mean price is 3000 dollars. Part a) Assuming a population standard deviation transaction prices of 230 dollars, obtain a 99% confidence interval for the mean price of all transactions. Please carry at least three decimal places in intermediate steps. Give your final answer to the nearest two decimal places, and use at least 3 decimal places in your critical value. Confidence interval: ( Part b) Which of the following is the correct interpretation for your answer in part (a)? DA. There is a 99% chance that the mean price of all transactions lies in the interval OB. If we repeat the study many times, 99% of the calculated confidence intervals will contain the mean price of all transactions. OC. We can be 99% confident that the mean price for this sample of 30 transactions lies in the interval OD. None of the above
An online used car company sells second-hand cars. For 30 randomly selected transactions, the mean price is 3000 dollars. Part a) Assuming a population standard deviation transaction prices of 230 dollars, obtain a 99% confidence interval for the mean price of all transactions. Please carry at least three decimal places in intermediate steps. Give your final answer to the nearest two decimal places, and use at least 3 decimal places in your critical value. Confidence interval: ( Part b) Which of the following is the correct interpretation for your answer in part (a)? DA. There is a 99% chance that the mean price of all transactions lies in the interval OB. If we repeat the study many times, 99% of the calculated confidence intervals will contain the mean price of all transactions. OC. We can be 99% confident that the mean price for this sample of 30 transactions lies in the interval OD. None of the above
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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![**Part a)** Assuming a population standard deviation of transaction prices of 230 dollars, obtain a 99% confidence interval for the mean price of all transactions. Please carry at least three decimal places in intermediate steps. Give your final answer to the nearest two decimal places, and use at least 3 decimal places in your critical value.
Confidence interval: \( ( \qquad, \qquad ) \)
**Part b)**
Which of the following is the correct interpretation for your answer in part (a)?
- [ ] A. There is a 99% chance that the mean price of all transactions lies in the interval
- [ ] B. If we repeat the study many times, 99% of the calculated confidence intervals will contain the mean price of all transactions.
- [ ] C. We can be 99% confident that the mean price for this sample of 30 transactions lies in the interval
- [ ] D. None of the above](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa70a12d4-88d2-4e1f-8545-6de24188f77d%2F44d2f302-e141-4913-9ca7-eb9a4c72925b%2Fprgtzia_processed.jpeg&w=3840&q=75)
Transcribed Image Text:**Part a)** Assuming a population standard deviation of transaction prices of 230 dollars, obtain a 99% confidence interval for the mean price of all transactions. Please carry at least three decimal places in intermediate steps. Give your final answer to the nearest two decimal places, and use at least 3 decimal places in your critical value.
Confidence interval: \( ( \qquad, \qquad ) \)
**Part b)**
Which of the following is the correct interpretation for your answer in part (a)?
- [ ] A. There is a 99% chance that the mean price of all transactions lies in the interval
- [ ] B. If we repeat the study many times, 99% of the calculated confidence intervals will contain the mean price of all transactions.
- [ ] C. We can be 99% confident that the mean price for this sample of 30 transactions lies in the interval
- [ ] D. None of the above
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