An online used car company sells second-hand cars. For 30 randomly selected transactions, the mean price is 2500 dollars. Part a) Assuming a population standard deviation transaction prices of 200 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. Confidence interval: ( , ). Part b) Which of the following is a correct interpretation for your answer in part (a)? Select ALL the correct answers, there may be more than one. A. If we repeat the study many times, approximately 99% of the calculated confidence intervals will contain the mean price of all transactions. B. 99% of the cars they sell have a price that lies inside this interval. C. We can be 99% confident that the mean price for this sample of 30 transactions lies in the interval. D. We can be 99% confident that all of the cars they sell have a price inside this interval. E. There is a 99% chance that the mean price of all transactions lies in the interval. F. 99% of their mean sales price lies inside this interval. G. None of the above.
An online used car company sells second-hand cars. For 30 randomly selected transactions, the mean price is 2500 dollars.
Part a) Assuming a population standard deviation transaction prices of 200 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.
Confidence interval: ( , ).
Part b)
Which of the following is a correct interpretation for your answer in part (a)? Select ALL the correct answers, there may be more than one.
A. If we repeat the study many times, approximately 99% of the calculated confidence intervals will contain the mean price of all transactions.
B. 99% of the cars they sell have a price that lies inside this interval.
C. We can be 99% confident that the mean price for this sample of 30 transactions lies in the interval.
D. We can be 99% confident that all of the cars they sell have a price inside this interval.
E. There is a 99% chance that the mean price of all transactions lies in the interval.
F. 99% of their mean sales price lies inside this interval.
G. None of the above.
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