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A sample survey of 53 discount brokers showed that the mean price charged for a trade of 100 shares at $50 per share was $33.84. The survey is conducted annually. With the historical data available, assume a known population standard deviation of $16.
Using the sample data, what is the margin of error associated with a 99% confidence interval (to 2 decimals)?
Develop a 99% confidence interval for the mean price charged by discount brokers for a trade of 100 shares at $50 per share (to 2 decimals).
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