Do you want to own your own candy store? Wow! With some interest in running your own business and a decent credit rating, you can probably get a bank loan on startup costs for franchises such as Candy Express, The Fudge Company, Karmel Corn, and Rocky Mountain Chocolate Factory. Startup costs (in thousands of dollars) for a random sample of candy stores are given below. Assume that the population of x values has an approximately normal distribution. 96 171 134 96 75 94 116 100 85
Do you want to own your own candy store? Wow! With some interest in running your own business and a decent credit rating, you can probably get a bank loan on startup costs for franchises such as Candy Express, The Fudge Company, Karmel Corn, and Rocky Mountain Chocolate Factory. Startup costs (in thousands of dollars) for a random sample of candy stores are given below. Assume that the population of x values has an approximately normal distribution.
| 96 | 171 | 134 | 96 | 75 | 94 | 116 | 100 | 85 |
| x = | thousand dollars |
| s = | thousand dollars |
(b) Find a 90% confidence interval for the population average startup costs μ for candy store franchises. (Round your answers to one decimal place.)
| lower limit | thousand dollars |
| upper limit | thousand dollars |
Hello, thanks for posting your question here.
I am not sure what kind of a calculator you have and which type is asked to use here. So I am solving this problem using MS-Excel. Hope it will help you.
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A random sample of candy stores is given below.
| 96 |
| 171 |
| 134 |
| 96 |
| 75 |
| 94 |
| 116 |
| 100 |
| 85 |
- It is asked to find the sample mean and sample standard deviation.
Note: Inside the parenthesis, you need to select the location of the given data in the Excel sheet.
- Thus the answers are as follows.
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