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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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#### Solution Summary

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\$2.19