Question

An automobile club reported that the average price of regular gasoline in a certain state was ​$2.62 per gallon. The following data show the price per gallon of regular gasoline for 15 randomly selected stations in the state. Complete parts a through c below. 2.71 2.53 2.69 2.75 2.73 2.53 2.57 2.56 2.72 2.63 2.51 2.52 2.53 2.69 2.67 a. Construct a 99​% confidence interval to estimate the average price per gallon of gasoline in the state. The 99​% confidence interval to estimate the average price per gallon of gasoline in the state is from ​$ to $

Answer 1

The 99​% confidence interval to estimate the average price per gallon of gasoline in the state is from ​2.56 $ to ​2.68 $

1 2 3 5 6 1 2 Confidence interval Formula Sample Size Sample Mean 3 15 2.62 4 5 Standard Deviation 0.09 6 Confidence Coefficient 0.99 8 Significant level Margin of error 0.01 1-E7 0.06 CONFIDENCE (E8,E5, E3) 10 11 Point Estimate 2.6 12 Lower Limit 2.56 E11-E9 2.68 E11 E9 13 Upper Limit 14 LO CO N