Confidence interval estimation
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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 inventory if a random sample of 20 greeting card 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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The solution provides step by step method for the calculation of confidence interval . Formula for the calculation and Interpretations of the results are also included.
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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 ...
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