In the course of a month, 100 shopping baskets are pulled aside; there were 22,0
ID: 3292052 • Letter: I
Question
In the course of a month, 100 shopping baskets are pulled aside; there were 22,000 shopping baskets of goods sold during that month. The mean net price error per shopping basket in the sample was 9.74 cents/basket (a net overcharge), with a sample standard deviation of 4.05 cents per basket.
An approximate 95% confidence interval for the net price error per shopping basket of goods sold during the month would extend from (Q23)_____?cents (low) to (Q24)____?cents (high).
I don't know where to begin on this
Explanation / Answer
mean =9.74
here std error of mean =std deviaiton/(n)1/2 =4.05/(100)1/2 =0.405
for 95% CI; z=1.96
therefore 95% confidence interval for the net price error =sample mean -/+ z*std error =8.9462 ; 10.5338
please revert for any clarificaiton required.