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.
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Calculated sample mean = 108
Calculated Standard ...
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.