16. Franchise: Candy Store Do you want to own your own candy store? 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 (Source: Entrepreneur Magazine, Vol. 23, No. 10). 95 173 129 95 75 94 116 100 85 (a) Use a calculator with mean and sample standard deviation keys to verify that x 106.9 thousand dollars and s 29.4 thousand dollars. (b) Find a 90% confidence interval for the population average startup costs u for candy store franchises. (c) Interpretation What does the confidence interval mean in the context of this problem? a) Yes or No? b) Interval: c) We are is between to % confident that the to
16. Franchise: Candy Store Do you want to own your own candy store? 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 (Source: Entrepreneur Magazine, Vol. 23, No. 10). 95 173 129 95 75 94 116 100 85 (a) Use a calculator with mean and sample standard deviation keys to verify that x 106.9 thousand dollars and s 29.4 thousand dollars. (b) Find a 90% confidence interval for the population average startup costs u for candy store franchises. (c) Interpretation What does the confidence interval mean in the context of this problem? a) Yes or No? b) Interval: c) We are is between to % confident that the to
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.2: Representing Data
Problem 22PFA
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Question
16 abc
Transcribed Image Text:16. Franchise: Candy Store Do you want to own your own candy store? 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 (Source: Entrepreneur Magazine,
Vol. 23, No. 10).
ss co
95
173
129
95
75
94
116
100
85
(a) Use a calculator with mean and sample standard deviation keys to verify
that x 106.9 thousand dollars and s 29.4 thousand dollars.
(b) Find a 90% confidence interval for the population average startup costs u
for candy store franchises.
(c) Interpretation What does the confidence interval mean in the context of
this problem?
lass c
a) Yes or No?
b) Interval:
c) We are
is between
to
% confident that the
to
Page
2 2
oogle.com/u/0/h
&
3
6
7
e
of
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