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The prices for a specific SLR camera at six randomly selected camera shops are shown here. Determine the 95% confidence interval 324, 352, 328.

a. $300 to $400
b. $320 to $350
c. $310 to $345
d. $315 to $355

User Lajarre
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1 Answer

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Final answer:

The correct answer is D. To determine the 95% confidence interval for the prices of the SLR camera, we need to calculate the mean, standard deviation, and t-value.

Step-by-step explanation:

To determine the 95% confidence interval for the prices of the SLR camera at the six randomly selected camera shops, we can use the formula:

CI = mean ± (t-value) × (standard deviation / √n)

where the mean is the average price, the standard deviation is the measure of variability, n is the number of data points, and the t-value is based on the desired confidence level and degrees of freedom.

Given the data, the mean is (324 + 352 + 328) / 3 = 334.67 and the standard deviation is √((324-334.67)^2 + (352-334.67)^2 + (328-334.67)^2)/3-1 = 13.11. With a 95% confidence level, the t-value for a sample size of 3 is 3.182.

Plugging in these values, the confidence interval is 334.67 ± (3.182) × (13.11 / √3) = 334.67 ± 18.80.

Therefore, the 95% confidence interval is approximately $315 to $354.

User ALearningLady
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