Question: Please show step by step solution (10 points) An online used car company sells second-hand cars. For 30 randomly selected transactions, the mean price is

Please show step by step solution

(10 points) An online used car company sells second-hand cars. For 30 randomly selected transactions, the mean price is 2600 dollars. Part a) Assuming a population standard deviation transaction prices of 300 dollars, obtain a 99% confidence interval for the mean price of all transactions. Confidence interval: ( Part b) Which of the following is the correct interpretation for your answer in part (a)? A. There is a 99% chance that the mean price of all transactions lies in the interval B. If we repeat the study many times, 99% of the calculated confidence intervals will contain the mean price of all transactions. C. We can be 99% confident that the mean price for this sample of 30 transactions lies in the interval D. None of the above

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