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    Standard Deviation

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    An irate student complained the the cost of textbooks was too high. He randomly surveyed 26 other students and found that the mean amount of money spent for textbooks was $121.60. If the standard deviation of the population was $6.36, find the best point estimate and the 90% confidence interval of the true mean.

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    Solution Preview

    To find the 90% confidence interval, we are look for 2 values a and b such that:

    P(X < a) = 5% and P(X > b) = 5% (i.e. P(X <=b ...

    Solution Summary

    This solution calculates the true mean for a given problem.