Toby wants to know the average price of new cars at a particular dealearship. He randomly selects a sample of 37 cars and finds that the average price to be $23400$23400 with a standard deviation of $880$880. What is the 90% confidence interval for the mean price of cars at this particular dealership?a.) Which distribution table will be used to find the critical value and why?Z-table because the population standard deviation is knownt-table because the population standard deviation is unknownt-table because the population standard deviation is knownZ-table because the population standard deviation is unknown b.) With 90% confidence, we can say the true population mean price of cars at this dealership is between $ and $ .Round to the nearest dollar

Name: Toby wants to know the average price of new cars at a particular deale
Uploaded: 2024-03-20T07:07:12.000Z
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Description: Toby wants to know the average price of new cars at a particular dealearship. He randomly selects a sample of 37 cars and finds that the average price to be $23400$23400 with a standard deviation of $880$880. What is the 90% confidence interval for t

Given Sample size (n)=37 Xbar=$23400 Standard Deviation = $880

Answered: Toby wants to know the average price of…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Toby wants to know the average price of new cars at a particular dealearship. He randomly selects a sample of 37 cars and finds that the average price to be $23400$23400 with a standard deviation of $880$880. What is the 90% confidence interval for the mean price of cars at this particular dealership?

a.) Which distribution table will be used to find the critical value and why?

Z-table because the population standard deviation is known
t-table because the population standard deviation is unknown
t-table because the population standard deviation is known
Z-table because the population standard deviation is unknown

b.) With 90% confidence, we can say the true population mean price of cars at this dealership is between $ and $ .

Round to the nearest dollar

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