A stationery store wants to estimate the total retail value of the 300 greeting cards that it has in its inventory. What are the upper and lower limits of the 95% confidence interval estimate of the population total value of all greeting cards that are in inventory if a random sample of 20 greeting cards indicates an average value of $1.67 and a standard deviation of $0.32
A stationery store wants to estimate the total retail value of the 300 greeting cards that it has in its inven
95% confidence is close to +/-2 sigmas.
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Reply:This is very simple you have to figure the average price for the cards then multiply that by 300. To find net profit you will have to subtract the stores cost for the cards from the retail figure.
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