Confidence interval for a confidence level

Reference no: EM1315639

A random sample of 40 new cars was taken with a mean dealer sticker price of $24,310. Assuming that the population standard deviation is σ = $7,200, find the confidence interval for the mean price, μ, of all dealer sticker prices of new cars: for a confidence level of 90% in thousands of dollars:

We were only able to take a sample of 18 cars. The mean of the sample is the same as above ($24,310). Since we have the sample data, we can calculate the sample standard deviation and found it to be $7,350. We assume that the population is approximately normally distributed. Find the confidence interval: for a confidence level of 95%:

(22.08, 26.54)

(20.65, 27.97)

(21.38, 27.24)

Reference no: EM1315639

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