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The average price for new mobile homes is known to be distributed with a population standard...

The average price for new mobile homes is known to be distributed with a population standard deviation of 300. If a random sample of 36 homes resulted in a sample mean of 45,000, obtain a 90% confidence interval.
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Answer #1

n = 36

= 45000

= 300

SE = /

= 45000/ = 7500

= 0.10

From Table, critical values of Z = 1.645

Confidence Interval:

45000 (1.645 X 7500)

= 45000 12337.50

= ( 32662.50 , 57337.50)

So,

Confidence Interval:

32662.50 < < 57337.50

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