Question

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.

96

176

132

97

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

Answer 1

The given data is:

Data
96
176
132
97
75
94
116
100
85

Using Excel<data<Data anaylsis<Descriptive Statistics<Confidence interval<t test

	Data
count	9
mean	107.89
sample standard deviation	30.43
sample variance	925.86
confidence interval 90.% lower	89.03
confidence interval 90.% upper	126.75
margin of error	18.86
t(df = 8)	1.86

) 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 =107.9	thousand dollars
s =30.4	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 89.0	thousand dollars
upper limit 126.8	thousand dollars