An online used car company sells second-hand cars. For 30 randomly selected transactions, the mean price is 2700 dollars. 1) Assuming a population standard deviation transaction prices of 280 dollars, obtain a 99% confidence interval for the mean price of all transactions.  Confidence interval: 2) Which of the following is the correct interpretation for your answer in part (1)? a) There is a 99% chance that the mean price of all transactions lies in the interval b) If we repeat the study many times, 99% of the calculated confidence intervals will contain the mean price of all transactions. c) We can be 99% confident that the mean price for this sample of 30 transactions lies in the interval d)None of the above

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2-Proportion Test

In a 2-proportion test, two separate proportions are measured at the same time, and their similarity is evaluated. It is also known as a 2-proportion z-test, and a comparison of two different proportions is done in this method.