A 96% confidence interval for the mean difference in textbook prices at the two online bookstores is (3.22,8.38).
What is a confidence interval?
An estimated range for an unknown parameter is known as a confidence interval. The 95% confidence level is the most popular, however other levels, such as 90% or 99%, are occasionally used when computing confidence intervals.
Here, we have
The mean and standard deviation are M = 5.8 and s = 4.658
To calculate the estimated standard error, we apply
S = [tex]\sqrt{s^2/n}[/tex]
=[tex]\sqrt{4.658^2/5}[/tex]
= 2.08
The 96% confidence interval is :
CI = x ±t₉₆s/√n
= 5.8 ±2.7764× 2.08/√5
= 5.8±2.58
= (3.22,8.38)
Hence, a 96% confidence interval for the mean difference in textbook prices at the two online bookstores is (3.22,8.38).
To learn more about the confidence interval from the given link
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