Question

Problem 2

You want to research the cost of a certain trendy ergonomic chair. In your online search of the cost of that chair on 20 different sites, you note that the mean cost of the chair is $562. Assume that the SD of the chair among all sites is $74. Find the 90%, 95%, and 99% confidence intervals for the mean cost of this chair.

Look at the 95% confidence interval and say whether the following statement is true or false. “This interval describes the price of 95% for all chairs of this model that are being sold.” If you think this is incorrect, be sure to explain why. <--- please explain why

Answer 1