 # How to solve this confidence interval? Use the confidence interval to find the estimated margin of error. Then find the sample mean. A store manager says a confidence interval of (44.07, 80.97) when estimating the mean price (in dollars) for the population of textbooks. ossidianaZ 2020-10-18 Answered
How to solve this confidence interval? Use the confidence interval to find the estimated margin of error. Then find the sample mean. A store manager says a confidence interval of (44.07, 80.97) when estimating the mean price (in dollars) for the population of textbooks.
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Given a confidence interval (44.07, 80.97)
As confidence interval is $\stackrel{―}{x}=±E,\left(\stackrel{―}{x}+E\right)-\left(\stackrel{―}{x}-E\right)=2E$ where $\stackrel{―}{x}$ is mean price of sample of textbooks and E is margin of error.
Thus, $E=\frac{80.97-44.07}{2}=18.45$
Now, $\stackrel{―}{x}-E=44.07$
Hence, $\stackrel{―}{x}=44.07+18.45=65.52$ is mean price of sample textbooks
Answer: $E=18.45$
$\stackrel{―}{x}=62.52$