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Point estimate of the population mean

Bob Nale is the owner of Nale's Texaco GasTown. Bob would like to estimate the mean number of gallons of gasoline sold to his customers. From his records, he selects a random sample of 60 sales and finds the mean number of gallons sold is 8.60 and the standard deviation is 2.30 gallons. PLease Show all work in excel Spread Sheet with formulas

a) What is the point estimate of the population mean?
Answer below

b) Develop a 99% confidence interval for the population mean.
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your work here

c) Interpret the meaning of part b.
Interpretation

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ob Nale is the owner of Nale's Texaco GasTown. Bob would like to estimate the mean number of gallons of gasoline sold to his customers. From his records, he selects a random sample of 60 ...

Solution Summary

This explains the steps to calculate the point estimate of the population mean

$2.19