Small Mean Problem. Grandfather clocks have a particular market in auctions. You are given a random sample of 25 purchases of grandfather clocks at auctions in Pennsylvania. The sample statistics are: Mean = $1,343.04 Std Dev = $414.04 C.V. = 30.83 N = 25 You are asked to create a 95% Confidence Interval around the price for this sample. What is the Lower Bound for this confidence interval? I just want the answer. Use 2 decimal places for your answer and use the proper rules of rounding.

Small Mean Problem. Grandfather clocks have a particular market in auctions. You are given a random sample of 25 purchases of grandfather clocks at auctions in Pennsylvania. The sample statistics are: Mean = $1,343.04 Std Dev = $414.04 C.V. = 30.83 N = 25 You are asked to create a 95% Confidence Interval around the price for this sample. What is the Lower Bound for this confidence interval? I just want the answer. Use 2 decimal places for your answer and use the proper rules of rounding.

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter14: Data Mining

Section14.2: Classification Methods

Problem 7P

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