An online used car company sells second-hand cars. For 30 randomly selected transactions, the mean price is 2400 dollars. Part a) Assuming a population standard deviation transaction prices of 110 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. 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

An online used car company sells second-hand cars. For 30 randomly selected transactions, the mean price is 2400 dollars. Part a) Assuming a population standard deviation transaction prices of 110 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. 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

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section10.4: Distributions Of Data

Problem 19PFA

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