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Sergio039 [100]
3 years ago
14

Suppose a researcher is interested in understanding the variation in the price of store brand milk. a random sample of 36 grocer

y stores is selected from a population and the mean price of store brand milk is calculated. the sample mean is $3.13 with a standard deviation of $0.23. construct a 99% confidence interval to estimate the population mean.
Mathematics
1 answer:
liq [111]3 years ago
7 0
The confidence interval extremities are given by the formula:
m +/- (z · σ / √n)

In your problem:
m = 3.13
<span> σ = 0.23
n = 36
The z-score for a 99% confidence interval is 2.576

Therefore:
</span>m - (z · σ / √n) = 3.13 - (2.576 · 0.23 / √36) = 3.031
<span>m + (z · σ / √n) = 3.13 + (2.576 · 0.23 / √36) = 3.229

Therefore, the confidence interval is (</span>3.031, <span>3.229).</span>

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