An online used car company sells second-hand cars. For 30 randomly selected transactions, the mean price is 3000 dollars. ssuming a population standard deviation transaction prices of 170 dollars, obtain a 99% confidence interval for the mean price of all transactio ce interval: ( the following is the correct interpretation for your answer in part (a)? re is a 99% chance that the mean price of all transactions lies in the interval

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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 170 dollars, obtain a 99% confidence interval for the mean price of all transactions.
Confidence interval: (
Part b)
Which of the following is the correct interpretation for your answer in part (a)?
O A. There is a 99% chance that the mean price of all transactions lies in the interval
O B. If we repeat the study many times, 99% of the calculated confidence intervals will contain the mean price of all transactions.
O 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
Transcribed Image Text: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 170 dollars, obtain a 99% confidence interval for the mean price of all transactions. Confidence interval: ( Part b) Which of the following is the correct interpretation for your answer in part (a)? O A. There is a 99% chance that the mean price of all transactions lies in the interval O B. If we repeat the study many times, 99% of the calculated confidence intervals will contain the mean price of all transactions. O 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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