Small Mean Problem. Grandfather clocks have a particular market in auctions. You are given a random sample of 25 purchases of grandfather clocks at auctions in Pennsylvania. The sample statistics are: Mean = $1,343.04 Std Dev = $414.04 C.V. = 30.83 N = 25 You are asked to create a 95% Confidence Interval around the price for this sample. What is the Lower Bound for this confidence interval? I just want the answer. Use 2 decimal places for your answer and use the proper rules of rounding.
Small Mean Problem. Grandfather clocks have a particular market in auctions. You are given a random sample of 25 purchases of grandfather clocks at auctions in Pennsylvania. The sample statistics are: Mean = $1,343.04 Std Dev = $414.04 C.V. = 30.83 N = 25 You are asked to create a 95% Confidence Interval around the price for this sample. What is the Lower Bound for this confidence interval? I just want the answer. Use 2 decimal places for your answer and use the proper rules of rounding.
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter14: Data Mining
Section14.2: Classification Methods
Problem 7P
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Small Mean Problem. Grandfather clocks have a particular market in auctions. You are given a random sample of 25 purchases of grandfather clocks at auctions in Pennsylvania. The sample statistics are:
- Mean = $1,343.04
- Std Dev = $414.04
- C.V. = 30.83
- N = 25
You are asked to create a 95% Confidence Interval around the price for this sample.
What is the Lower Bound for this confidence interval? I just want the answer. Use 2 decimal places for your answer and use the proper rules of rounding.
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