Using the data set you collected in Week 1, excluding the super car outlier, you should have calculated the mean and standard deviation during Week 2 for price data. Using this information, calculate a 95% T-confidence interval for the sample population. You have the mean, standard deviation and the sample size, all you have left to find is the T-critical value and you can calculate the interval. Make sure you include these values in your post so your fellow classmates can use them to calculate their own confidence intervals. Once you calculate the confidence interval you will need to interpret your interval and explain what this means in words.
Does this confidence interval surprise you, knowing what you have learned about confidence intervals and normal distribution during Week 4? Does your data follow a normal distribution? Please the Week 5 Confidence Interval PDF at the bottom of the discussion forum. This will give you a step by step example on how to help you calculate this using Excel.
Instructions: Your initial post should be at least 150 words. You must also respond to at least 2 other students. Responses should be a minimum of 50 words and may include direct questions. In your peer posts, pick another confidence level, i.e. 90%, 99%, 97%, any other confidence level is fine. Have fun and be creative with it and calculate another T-confidence interval and interpret your results. Compare your results to that of the initial 95%, how much do they differ? How useful can this type of information be when you go to buy a new car, or even a house?