statistics
a random sample of 20 prices for summer sleeping bags was taken with a sample mean of $83.75 and a sample standard deviation of $29.97
a. Find a 95% confidence interval for the mean price of all summer sleeping bags.
b. what is m i.e., what is the margin of error?
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Answers
Answer: a. The 95% confidence interval for the mean price of all summer sleeping bags is ($73.19, $94.31). b. The Margin of Error (m) is the radius of the confidence interval. In this case, it is $10.56, which is calculated as m = 1.96*(29.97/√20) = 10.56. This shows that we can be 95% confident that the true mean price of all summer sleeping bags lies within a range of $73.19 to $94.31.
