Do you want to own your own candy store? Wow! With some interest in running your own business and a decent credit rating, you can probably get a bank loan on startup costs for franchises such as Candy Express, The Fudge Company, Karmel Corn, and Rocky Mountain Chocolate Factory. Startup costs (in thousands of dollars) for a random sample of candy stores are given below. Assume that the population of x values has an approximately normal distribution.
94 | 178 | 135 | 92 | 75 | 94 | 116 | 100 | 85 |
(a) Use a calculator with mean and sample standard deviation keys to find the sample mean startup cost x and sample standard deviation s. (Round your answers to one decimal place.)
x = | thousand dollars |
s = | thousand dollars |
(b) Find a 90% confidence interval for the population average
startup costs μ for candy store franchises. (Round your
answers to one decimal place.)
lower limit | thousand dollars |
upper limit | thousand dollars |
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