Part 1. Suppose you are told that a 95% confidence interval for the average price of...

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Part 1. Suppose you are told that a 95% confidence interval forthe average price of a gallon of regular gasoline in your state isfrom $2.99 to $3.99. Use the fact that the confidence interval forthe mean is in the form x âˆ’ E to x +E to compute the sample mean and the maximal margin oferror E. (Round your answers to two decimal places.)
x = $
E = $
Part 2. Anystate Auto Insurance Company took a random sample of380 insurance claims paid out during a 1-year period. The averageclaim paid was $1510. Assume Ïƒ = $254.
Find a 0.90 confidence interval for the mean claim payment.(Round your answers to two decimal places.)
Lower Limit
Upper limit
Find a 0.99 confidence interval for the mean claim payment.(Round your answers to two decimal places.)
Lower Limit
Upper limit

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3.8 Ratings (393 Votes)

1 x upper lowervalue2 399 2992 349 E Upper value x 399 349 050 2 sample mean xbar 1510 sample standard deviation s 254 sample size n 380 degrees See Answer

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