MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
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Suppose that Randy is an analyst for the bicyling industry and wants to estimate the asking price of used entry-level road
bikes advertised online in the southeastern part of the United States. He obtains a random sample of n = 13 online
advertisements of entry-level road bikes. He determines that the mean price for these 13 bikes is r = $681.87 and that
the sample standard deviation is s = $177.45. He uses this information to construct a 99% confidence interval for u, the
mean price of a used road bike.
What is the lower limit of this confidence interval? Please give your answer to the nearest cent.
%24
What is the upper limit of this confidence interval? Please give your answer to the nearest cent.
%24
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Transcribed Image Text:Suppose that Randy is an analyst for the bicyling industry and wants to estimate the asking price of used entry-level road bikes advertised online in the southeastern part of the United States. He obtains a random sample of n = 13 online advertisements of entry-level road bikes. He determines that the mean price for these 13 bikes is r = $681.87 and that the sample standard deviation is s = $177.45. He uses this information to construct a 99% confidence interval for u, the mean price of a used road bike. What is the lower limit of this confidence interval? Please give your answer to the nearest cent. %24 What is the upper limit of this confidence interval? Please give your answer to the nearest cent. %24
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