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    Assessing Confidence Intervals

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    The national average for the price of a gallon of unleaded regular gas is $1.16. I believe the price is higher in my area of the country. I want to test my claim by randomly selecting gas prices for 25 stations in my area. The following prices are:

    $1.27 $1.29 $1.16 $1.20 $1.37
    1.20 1.23 1.19 1.20 1.24
    1.16 1.07 1.27 1.09 1.35
    1.15 1.23 1.14 1.05 1.35
    1.21 1.14 1.14 1.07 1.10

    Using a confidence interval approach, calculate a 95% confidence interval for the above data.

    * Does the mean price of self-serve gas fall in the interval or outside?
    * What does that mean?

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    https://brainmass.com/statistics/confidence-interval/assessing-confidence-intervals-82106

    Solution Summary

    This Solution contains calculations to aid you in understanding the Solution to this question.

    $2.19

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