A survey of 50 retail stores revealed that the average price of a microwave was $375 with a sample standard deviation of $20. Assuming the population is normally distributed, what is the 99% confidence interval to estimate the true cost of the microwave?
a. $367.42 to $382.58
b. $315.00 to $415.00
c. $323.40 to $426.60
d. $335.82 to $414.28

True cost of the microwave is in 99% confidence interval:

Explanation:

Relevant data:

As we want to know the 99% confidence interval, the significance level is:

We need to estimate a confidence interval by a two tailed normal bell. Then we have:

The z-value for a probability of 0.005 in a normal standard distribution is 2.576

Confidence interval is given by;:

True cost of the microwave is in 99% confidence interval:

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