Homework Answers
a. For 95% confidence interval, Z*-value = 1.96
Margin of safety = Z* x (standard deviation) / sqrt (sample) = 1.96 x (15 / sqrt (100)) = 2.94
b. Confidence interval = (Mean - Margin of error) to (mean + margin of error) = (50 - 2.94) to (50+2.94) = [$47.06, $52.94]
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