SOLUTION: A survey of 144 retail stores revealed that the average price of a microwave was $375 with a standard error of $20
What is the 99% confidence interval to estimate the true cost
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Question 317195: A survey of 144 retail stores revealed that the average price of a microwave was $375 with a standard error of $20
What is the 99% confidence interval to estimate the true cost of the microwave?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A survey of 144 retail stores revealed that the average price of a microwave was $375 with a standard error of $20
What is the 99% confidence interval to estimate the true cost of the microwave?
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x-bar = 375
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ME = invT(0.995 with df=143)*SE
ME = (2.6106)*20 = 52.21
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99% CI: 375-52.21 < u < 375+52.21
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Cheers,
Stan H.
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