Stats Solutions

(See Steps) In a recent sample of 84 used car sales costs, the sample mean was $6,425 with a standard deviation of $3,156. Assume the underlying distribution

Question: In a recent sample of 84 used car sales costs, the sample mean was $6,425 with a standard deviation of $3,156. Assume the underlying distribution is approximately normal.

  1. Which distribution should you use for this problem? Explain your choice.
  2. Define the random variable X ¯ in words.
  3. Construct a 95% confidence interval for the population mean cost of a used car.
    1. State the confidence interval.
    2. Sketch the graph.
    3. Calculate the error bound.
  4. Explain what a "95% confidence interval" means for this study.

Price: $2.99
Solution: The downloadable solution consists of 2 pages
Deliverable: Word Document


∴ Other downloads you may be interested in ∴

log in to your account

Forgot password?
Don't have a membership account?
REGISTER

reset password

Back to
log in

sign up

Back to
log in