Suppose a researcher is interested in understanding the variation in the price of store brand milk.A random sample of 36 grocery stores is selected from a population and the mean price of store brand milk is calculated.The sample mean is $3.13 with a standard deviation of $0.23.Construct a 92% confidence interval to estimate the population mean.
A)$3.03 to $3.23
B)$3.12 to $3.14
C)$3.05 to $3.21
D)$2.90 to $3.36
E)$3.06 to $3.20

Question

Quizplus · Accepted Answer

The 92% confidence interval is calculated using the formula: sample mean ± (z-score * (standard deviation/√sample size)). For a 92% confidence level, the z-score is approximately 1.75. Therefore, the interval is $3.13 ± (1.75 * (0.23/√36)), which results in the interval $3.06 to $3.20.

Suppose a Researcher Is Interested in Understanding the Variation in the Price