Math Problem Statement
A random sample of the closing stock prices in dollars for a company in a recent year is listed below. Assume that sigma is $2.38. Construct the 90% and 99% confidence intervals for the population mean. Interpret the results and compare the widths of the confidence intervals. 17.97 17.42 17.84 21.62 15.35 22.46 18.68 17.34
20.36 16.77 18.17 17.84 22.62 22.94 20.42 19.54
Solution
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Math Problem Analysis
Mathematical Concepts
Statistics
Confidence Intervals
Z-distribution
Formulas
Sample Mean: x̄ = Σxᵢ / n
Confidence Interval: CI = x̄ ± Zα/2 * (σ / √n)
Theorems
Central Limit Theorem
Properties of Normal Distribution
Suitable Grade Level
Grades 10-12
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