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    Confidence interval estimate of the population total value

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    Please help with the following problem.

    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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    Solution Preview

    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 ...

    Solution Summary

    In this solution, the 95% confidence interval estimate of the population total value of all greeting cards that are in inventory is calculated.

    $2.19

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