Construct a 98% confidence interval for the population mean, μ. Assume the population has a normal distribution. A study of 14 car owners showed that their average repair bill was $192 with a standard deviation Round to the nearest cent.

(196.97,187.03)

Explanation:

Formula for Confidence interval is : avg repair bill (a) ± (Z*SD) : √ (sample size)

average repair bill (a) = $192

Z at 98% confidence level = 2.326

Sample Size = 14

Standard Deviation (SD) = $8

Confidence Interval = 192 ± 2.326*8:√ (14) = { (192 + 4.97), (192 - 4.97) } = {196.97,187.03}