Answered: The price (in dollars) of a statistics…

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

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section: Chapter Questions

Problem 22SGR

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Question

The price (in dollars) of a statistics textbook bought online can vary depending on the online
store. A random sample of 24 online stores had mean price ? = 109.75 and standard deviation
? = 23.14. You may assume that the online prices have an approximately normal distribution.
Find a 90% confidence interval for the population mean µ of the online price of the statistics
textbook. Give your answer rounded to 2 decimal places.

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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