Question 14 2 pts An Internet based e-learning company has begun using new onlin

Question

Question 14 2 pts An Internet based e-learning company has begun using new online statistics content to replace a textbook. Since the main competition is hardback textbooks, before the company decides what price to charge students for the new product, it wants to know the average price of all hardback statistics textbooks currently on the market. The research department at the company took a random sample of 30 such textbooks and collected information on their prices. This information produced a mean price of $94.50 for this sample. It is known that the standard deviation of the prices of all such textbooks is $4.50. The 90% confidence interval for the mean price of all such college textbooks was found to be (93.15, 95.85). Choose the best interpretation of this confidence interval. O No hardback statistics textbook is above $100 O Most hardback statistics textbooks are between $93.15 and $95.85. O We are 90% confident that the true mean price of hardback statistics textbooks is between $93.15 and $95.85. The confidence interval contains 90% of the books in the sample.

Explanation / Answer

correct interpretation of confidence interval:

we are 90% confident that the true mean price of hardback statistics textbook is between 93.15 and 95.85.

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