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Suppose you are told that a 95% confidence interval for the average price of a gallon of regular gasoline in your state is from $3.33 to $3.60. Use the fact that the confidence interval for the mean is in the form x − E to x + E to compute the sample mean and the maximal margin of error E

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Answer:

Sample mean is $3.465 and margin of error is 0.135

Step-by-step explanation:

Given the confidence interval $3.33 to $3.60, we can conclude that

  1. X-E=$3.33
  2. X+E=$3.60  where  
  • X=sample mean
  • E=margin of error  

Adding the equations 1 and 2 we get

(X-E)+(X+E)=X+X= $3.33 + $3.60, from this we can find X=3.465 and E=0.135

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