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15 October, 19:57

Do you want to own your own candy store? Wow! With some interest in running your own business and a decent credit rating, you can probably get a bank loan on startup costs for franchises such as Candy Express, The Fudge Company, Karmel Corn, and Rocky Mountain Chocolate Factory. Startup costs (in thousands of dollars) for a random sample of candy stores are given below. Assume that the population of x values has an approximately normal distribution. 96 171 128 92 75 94 116 100 85 (a) Use a calculator with mean and sample standard deviation keys to find the sample mean startup cost x and sample standard deviation s. (Round your answers to one decimal place.) x = 106.3 Correct: Your answer is correct. thousand dollars s = 28.9 Correct: Your answer is correct. thousand dollars (b) Find a 90% confidence interval for the population average startup costs μ for candy store franchises. (Round your answers to one decimal place.) lower limit thousand dollars upper limit thousand dollars

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  1. 15 October, 20:59
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    approximately normal distribution.

    95

    171

    134

    91

    75

    94

    116

    100

    85

    x bar=106.8

    s=29.6

    (b) Find a 90% confidence interval for the population average startup costs μ for candy store franchises. (Round your answers to one decimal place.)

    lower limit?

    upper limit?
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