statistics and probability problem 5 of 5

Project Description:

statistics and probability problem 5 of 5
assume the price of gas across gas stations in boston at any particular time has a normal distribution with unknown mean and variance. in order to estimate the expected price on a given day, you drive to 4 nearby stations and record their prices per gallon as $2.60, $2.90, $2.60 and $2.60.
1. compute a 95% confidence interval for the expected price for a gallon of gas.
2. assume now that i tell you that the population standard deviation of gas prices across different stations is known to be 15 cents. how will this information change your 95% confidence interval. explain.
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