Bjork Larsen was trying to decide whether to use a new racing wax for cross-country skis. He decided that the wax would be worth the price if he could average less than 55 seconds on a course he knew well, so he planned to study the wax by racing on the course 8 times. The raw data are given below.  43.2, 46.5, 50.5, 52.2, 52.4, 56.3, 57.8, 63.9. (a) Describe what the parameter μ represents.  (b) Calculate a level 99% confidence interval for μ. Round to two decimal places. (c) Give a practical interpretation for this confidence interval using the context of this problem. (d) Is the new racing wax worth the price? Explain.

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