Estimation

Problem-09: Estimation

Eunice Gunterwal is a frugal undergraduate at State U. Who is interested in purchasing a used car. She randomly selected 125 want ads and found that the average price of a car in this sample was $3,250. Eunice knows that the standard deviation of used-car prices in this city is $615

  1. Establish an interval estimate for the average price of a car so that Eunice can be 68.3 percent certain that the population mean lies within this interval.
  2. Establish an interval estimate for the average price of a car so that Miss Gunterwal can be 95.5 percent certain that the population mean lies within this interval.

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Problems: Estimation

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