A local electronics firm wants to determine their average daily sales (in dollars.) A sample of the sales for 64 days revealed an average sales of $160,000. Assume that the standard deviation of the population is known to be $16,000.
?
a.Provide a 95% confidence interval estimate for the true average daily sales.b.Provide a 98% confidence interval estimate for the true average daily sales.
What will be an ideal response?
| a. | $156,080 to $163,920 |
| b. | $155,348 to $164,652 |
Business
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