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Confidence Interval

Using sample results and level of confidence of 0.01, test to determine whether the figure published by Runzheimer International is too high.
Was it a one- or two-tailed test?

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This problem isn't very complicated. We can construct a confidence interval for the sample mean at 0.01 level of confidence. If the population mean $4,292 falls within this confidence interval, the figure published by Runzheimer ...

Solution Summary

The solution addresses using sample results and level of confidence of 0.01, test to determine whether the figure published by Runzheimer International is too high.
Was it a one- or two-tailed test?

$2.19