5 Various prices of a particular brand of chocolate has been

5. Various prices of a particular brand of chocolate has been spotted in 10
stores randomly selected in Saskatoon:
9.95, 10.95, 8.25, 10.45, 9.95, 10.25, 9.00, 7.95, 8.95, 8.99
assume that the prices of this product follow a normal distribution N(; 4) with
variance 4. Determine the con dence interval for population mean with 95 %
con dence level.

Solution

Mean =9.469

P(a<Z<b)=0.95

=> a and b = 5.548 and 13.39

Confidence interval of 95% = (5.548,13.39)