An online used car company sells second-hand cars. For 30 randomly selected transactions, the mean price is 2900 dollars. Part a) Assuming a population standard deviation transaction prices of 140 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)? A. We can be 99% confident that the mean price for this sample of 30 transactions lies in the interval B. There is a 99% chance that the mean price of all transactions lies in the interval C. If we repeat the study many times, 99% of the calculated confidence intervals will contain the mean price of all transactions. D. None of the above
An online used car company sells second-hand cars. For 30 randomly selected transactions, the
Part a) Assuming a population standard deviation transaction prices of 140 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)?
A. We can be 99% confident that the mean price for this sample of 30 transactions lies in the interval
B. There is a 99% chance that the mean price of all transactions lies in the interval
C. If we repeat the study many times, 99% of the calculated confidence intervals will contain the mean price of all transactions.
D. None of the above
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