Question

Recently, six single-family homes in Corpus Christi in Texas sold at the following prices (in $1,000s):
560, 447, 719, 541, 633, 628. Find a 95% confidence interval for the mean sale price in Corpus Christi.

[489.94, 686.06]

[494.49, 681.51]

[513.05, 662.95]

[480.89, 695.11]

Answer 1

First we will find mean and standard deviation

Create the following table.

data	data-mean	(data - mean)2
560	-28	784
447	-141	19881
719	131	17161
541	-47	2209
633	45	2025
628	40	1600

So

Now let us assume that distribution is normal so t value for 95% CI is TINV(0.05,5)=2.571

So Margin of Error is

So CI is

Hence answer is

[489.94, 686.06]