Confidence interval estimate of the population total value
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A stationery store wants to estimate the total retail value of the 300 greeting cards that it has in its inventory. What are the upper and lower limits of the 95% confidence interval estimate of the population total value of all greeting cards that are in inventory if a random sample of 20 greeting cards indicates an average value of $1.67 and a standard deviation of $0.32?
a) $457.52 and $544.48
b) $465.08 and $536.92
c) $460.29 and $541.72
d) $457.67 and $544.33
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In this solution, the 95% confidence interval estimate of the population total value of all greeting cards that are in inventory is calculated.
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A stationery store wants to estimate the total retail value of the 300 greeting cards that it has in its inventory. What are the upper and lower limits of the 95% confidence interval estimate of the population total value of all greeting cards that are in inventory if a random sample of 20 greeting cards indicates an average value of $1.67 and a standard ...
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