This data set are the actual prices of those prizes. Data set : 413 413 455

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This data set are the actual prices of those prizes.

Data set :

413

413

455

455

459

465

495

495

499

499

500

500

504

510

515

520

529

529

529

530

535

570

570

579

585

589

599

600

650

660

665

665

695

698

699

699

699

700

795

799

799

800

800

813

814

819

819

819

829

848

849

850

855

855

879

880

884

895

899

899

899

900

907

909

932

950

950

975

976

976

979

987

990

998

998

998

999

999

999

999

1000

1000

1000

1000

1000

1009

1019

1020

1020

1044

1045

1048

1049

1078

1080

1080

1080

1099

1099

1099

1100

1100

1139

1150

1167

1169

1169

1170

1175

1191

1198

1199

1200

1200

1200

1200

1200

1200

1200

1207

1220

1222

1250

1250

1253

1253

1253

1277

1282

1282

1285

1295

1295

1299

1325

1325

1345

1347

1360

1395

1395

1399

1399

1400

1449

1449

1450

1450

1450

1450

1450

1450

1465

1482

1485

1498

1499

1499

1499

1500

1500

1500

1500

1500

1515

1537

1539

1547

1547

1547

1550

1550

1550

1550

1551

1556

1563

1565

1568

1590

1595

1595

1599

1599

1599

1600

1600

1618

1622

1650

1650

1650

1672

1695

1698

1698

1699

1736

1754

1759

1760

1767

1780

1807

1870

1895

1979

1995

Question: Determine the critical value z* corresponding to 99% confidence for the population mean price. We have a known population standard deviation of price prices of $350.  

Produce (and interpret) a 99% confidence interval for the population mean price.  Show your calculation.  

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