Concept explainers
To construct: The 99% confidence interval for the difference in mean prices in July and September and interpret it.
Answer to Problem 3.1CYU
The confidence interval is
Explanation of Solution
Given:
Calculation:
Follow the provided steps of the Ti-83 calculator to construct the confidence interval:
- Click on STAT >TESTS > 2-SampTInt
- Click on Stats and enter the provided data set.
- Select Polled: No and calculate
- Press ENTER
The obtained output is:
Thus, the 99% confidence interval is
Interpretation:
There is 99% chances that the differences mean prices in July and September lies between -0.7561 and -0.5639.
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