Develop a 98% confidence interval estimate of the population mean sales price and population mean number of days to sell for Domestic cars. What is the margin of error?

• Interpret what each confidence intervals means. How can both confidence intervals provide useful car sales information?
• What other confidence interval would you choose to compute to obta
  

1) List Price in K Sale Price in K Days to Sell Mean 32.1615 Mean 29.743 Mean 32.905 Standard Error 1.29477878 Standard Erro 1.29053191 Standard Erro 1.26341241 Median 29.55 Median 27.55 Median 31 Mode 18.3 Mode Mode 28 Standard Deviation 18.3109372 Standard Devi 18.2508773 Standard Devi 17.8673497 Sample Variance 335.29042 Sample Variar 333.094524 Sample Variar 319.242186 Kurtosis 0.7656524 Kurtosis -0.7807639 Kurtosis -1.0970986 Skewness 0.4186254 Skewness 0.42576378 Skewness 0.06509914 Range 75 Range 74.6 Range 69 Minimum 3.8 Minimum 1.9 Minimum 1 Maximum 78.8 Maximum 76.5 Maximum 70 Sum 6432.3 Sum 5948.6 Sum 6581 Count 200 Count 200 Count 200 1JA Sale Price Car List Price in K zscore Car in K Zscore Car Days to Sell Zscore 190 69 2.0118304 Above 112 66.3 2.003027 Above 147 69 2.02016531 Above 189 71.3 2.13743839 Above 127 66.3 2.003027 Above 143 70 2.07613332 Above 175 73.1 2.23574029 Above 189 66.4 2.00850618 Above 187 73.1 2.23574029 Above 190 66.9 2.03590213 Above 168 78.8 2.54702966 Above 106 67.4 2.06329807 Above 175 68.3 2.11261077 Above 187 70.8 2.24959048 Above 168 76.5 2.56190424 Above2A) List Price in K Sale Price in K Days to Sell Mean 48.6555 Mean 46.207 Mean 35.14 Standard Error 1.79996883 Standard Erro 1.79965093 Standard Erro 1.35470592 Median 50.05 Median 48.85 Median 34 Mode 67 Mode Mode 14 25.45540331 Standard Devi 25.4509075 Standard Devi 19.1584349 Standard Deviation Sample Variance 647.9775575 Sample Variar 647.748694 Sample Variar 367.045628 Kurtosis 1.223234836 Kurtosis -1.2225679 Kurtosis -0.7275289 0.094833161 0.1034877 0.19959876 Skewness Skewness Skewness Range 87.2 Range 99 Range 88.4 Minimum 1.1 Minimum D.8 Minimum Maximum 89.5 Maximum 88 Maximum 100 9731.1 Sum 9241.4 Sum 7028 Sum Count 200 Count 200 Count 200 Car Days to Sell Z-Score 199 100 3.385454 Above4 A B Sale Price in K Days to Sell Mean 29.743 Mean 32.905 Standard Error 1.29053191 Standard Error 1.26341241 Median 27.55 Median 31 Mode 4 Mode 28 Standard Deviation 18.2508773 Standard Deviation 17.8673497 Sample Variance 333.094524 Sample Variance 319.242186 Kurtosis 0.7807639 Kurtosis -1.0970986 Skewness 0.42576378 Skewness 0.06509914 Range 74.6 Range 69 Minimum 1.9 Minimum 1 Maximum 76.5 Maximum 70 Sum 5948.6 Sum 6581 Count 200 Count 200 Confidence Level (98.0) 3.02659704 Confidence Level (98.0%) 2.96299552 Margin of Error 3.02659704 Margin of Error 2.96299552 LCL 26.716403 LCL 29.9420045 UCL 32.769597 UCL 35.86799555 Sale Price in K Days to Sell Mean 46.207 Mean 35.14 Standard Error 1.79965093 Standard Error 1.35470592 Median 48.85 Median 34 Mode 9 Mode 14 Standard Deviation 25.4509075 Standard Deviation 19.1584349 Sample Variance 647.748694 Sample Variance 367.045628 Kurtosis -1.2225679 Kurtosis -0.7275289 Skewness 0.1034877 Skewness 0.19959876 Range 87.2 Range 99 Minimum 0.8 Minimum 1 Maximum 88 Maximum 100 Sum 9241.4 Sum 7028 Count 200 Count 200 Confidence Level (98.0%) 4.22059937 Confidence Level (98.0%) 3.1771 LCL 41.9864006 LCL 31.9629 UCL 50.4275994 UCL 38.3171