7. (6 points) construct a 95% confidence interval estimate for the population me

Question

7. (6 points) construct a 95% confidence interval estimate for the population mean given the following values: x- 70; o 15 n 65 8. (8 points) The Smithers Company operates gourmet pet food sales. The company's selected a random sample of 200 sales during 2016. The following data were collected: The mean sample sale price was $45.00; the population standard deviation is 12.00. Determine the 90% confidence interval estimate for the true average sales price for gourmet per food sales by the company.

Explanation / Answer

Answer 7: For 95% confidence interval, z value is given by 1.96

Thus for mean of 70 and standard deviation of 15, for n=65, standard error is 15/sqrt(65)=1.86

thus, the confidence interval is 70-1.86*1.96 to70+1.86*1.96 or (66.3544,73.6456)

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