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A random sample of 32 textbook prices is taken from a local college bookstore . The mean of the sample is bar (x)=74.22 , and the sample standard deviation is s=23.44 Use a 95% confidence level and find the margin of error for the mean price of all textbooks in the bookstore.

Question

A random sample of 32 textbook prices is taken from a local college
bookstore . The mean of the sample is bar (x)=74.22 , and the sample
standard deviation is s=23.44
Use a 95%  confidence level and find the margin of error for the mean
price of all textbooks in the bookstore.

A random sample of 32 textbook prices is taken from a local college bookstore . The mean of the sample is bar (x)=74.22 , and the sample standard deviation is s=23.44 Use a 95% confidence level and find the margin of error for the mean price of all textbooks in the bookstore.

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TimothyElite · Tutor for 8 years

Answer

10.23

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The margin of error for a confidence interval can be calculated using the formula:<br /><br />E = Z * (s/���n)<br /><br />where:<br />E is the margin of error,<br />Z is the Z-score (which depends on the desired level of confidence),<br />s is the standard deviation of the sample, and<br />n is the size of the sample.<br /><br />For a 95% confidence level, the Z-score is approximately 1.96.<br /><br />Substituting the given values into the formula, we get:<br /><br />E = 1.96 * (23.44/���32) = 10.23<br /><br />So, the margin of error for the mean price of all textbooks in the bookstore is approximately $10.23.
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