document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=343876>Question 343876</A>: <I><SPAN STYLE=\"word-break: break-all;\"> 2. A stationery store wants to estimate the mean retail value of greeting cards that it has in its inventory. A random sample of 20 greeting cards indicates an average value of $1.67 and a standard deviation of $0.32.\r<BR>\n" );
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document.write( "a. Assuming a normal distribution, set up a 95% confidence interval estimate of the mean value of all greeting cards in the store,s inventory.<BR>\n" );
document.write( "b. How might the results obtained in (a) be useful in assisting the store owner to estimate the total value of her inventory? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #246084 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=246084\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\">  A stationery store wants to estimate the mean retail value of greeting cards that it has in its inventory. A random sample of 20 greeting cards indicates an average value of $1.67 and a standard deviation of $0.32. <BR>\n" );
document.write( "a. Assuming a normal distribution, set up a 95% confidence interval estimate of the mean value of all greeting cards in the store,s inventory.<BR>\n" );
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document.write( "x-bar = 1.67<BR>\n" );
document.write( "E = (1.96)(0.32/sqrt(20)) = 0.1402<BR>\n" );
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document.write( "95% CI: 1.67-0.1402 < u < 1.67+0.1402<BR>\n" );
document.write( "95% CI: 1.5298 < u < 1.8102<BR>\n" );
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document.write( "b. How might the results obtained in (a) be useful in assisting the store owner to estimate the total value of her inventory?<BR>\n" );
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document.write( "Assuming there are \"x\" cards in the store the inventory value<BR>\n" );
document.write( "is between $1.53x and $1.81x.<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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document.write( " </SPAN>\n" );
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