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Statistics - Calculating Confidence Interval using raw data

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Question :
Complaints about rising prescription drug prices caused the U.S. Congress to consider laws that would force pharmaceutical companies to offer prescription discounts to senior citizens without drug benefits. The House Government Reform Committee provided data on the prescription cost for some of the most widely used drugs (Newsweek, May 8, 2000). Assume the following data show a sample of the prescription cost in dollars for Zocor, a drug used to lower cholesterol.

110 112 115 99 100 98 104 126

Assuming a normal population, what is the 95% confidence interval estimate of the population mean cost for a prescription of Zocor?

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Solution Summary

Solution to the posted problem is given step by step using the appropriate procedure for calculating confidence interval when raw data values of the sample are given.

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Solution :
Calculated sample mean = 108

Calculated Standard ...

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