Statistics

The average annual cost of the first year of owning and caring for a large dog is $1,843 (US News and World Report, September 9, 2013). The Irish Red and White Setter Association of America has requested a study to estimate the annual first-year cost for owners of this breed. A sample of 50 will be used. Based on past studies, the population standard deviation is assumed known with σ = $255.

a. Using this sample, what is the 95% confidence interval for the mean cost of the first year of owning and caring for an Irish Red and White Setter (to 2 decimals)?

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