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The American Medical Association wishes to have information on the mean cost of Coronovirus test kits....

The American Medical Association wishes to have information on the mean cost of Coronovirus test kits. A random sample of 500 kits reveals a sample mean of $86,450. The standard deviation of this population is $5,050. The AMA would like answers to the following questions:

What is a reasonable range of values for the population mean?

Assume the association decides to use the 95 percent level of confidence(z=1.96).

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