Suppose that Randy is an analyst for the bicyling industry and wants to estimate the asking price of used entry-level road bikes advertised online in the southeastern part of the United States. He obtains a random sample of n 12 online advertisements of entry-level road bikes. He determines that the mean price for these 12 bikes is x $672.46 and that the sample standard deviation is s = $201.42. He uses this information to construct a 95% confidence interval for u, the mean price of a used road bike. What is the lower limit of this confidence interval? Please give your answer to the ncarest cent. 2$ What is the upper limit of this confidence interval? Please give your answer to the nearest cent.

Suppose that Randy is an analyst for the bicyling industry and wants to estimate the asking price of used entry-level road bikes advertised online in the southeastern part of the United States. He obtains a random sample of n 12 online advertisements of entry-level road bikes. He determines that the mean price for these 12 bikes is x $672.46 and that the sample standard deviation is s = $201.42. He uses this information to construct a 95% confidence interval for u, the mean price of a used road bike. What is the lower limit of this confidence interval? Please give your answer to the ncarest cent. 2$ What is the upper limit of this confidence interval? Please give your answer to the nearest cent.

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MATLAB: An Introduction with Applications

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Author:Amos Gilat

Publisher:Amos Gilat

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Suppose that Randy is an analyst for the bicyling industry and wants to estimate the asking price of used entry-level road
bikes advertised online in the southeastern part of the United States. He obtains a random sample of n = 12 online
advertisements of entry-level road bikes. He determines that the mean price for these 12 bikes is x $672.46 and that the
sample standard deviation iss $201.42. He uses this information to construct a 95% confidence interval for u, the mean
price of a used road bike.
What is the lower limit of this confidence interval? Please give your answer to the nearest cent.
What is the upper limit of this confidence interval? Please give your answer to the nearest cent.
Assuming that the requirements for this inference procedure have been met, what does this interval mean?
The sample mean price will fall in this interval in 95% of samples.
%24
%24

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