Question on Statistics and Confidence Intervals A field test for a new exam was given to randomly selected seniors. The exams were graded, and the sample mean and sample standard deviation were calculated. Based on the results, the exam creator claims that on the same exam, nine times out of ten, seniors will have an average score within 5% of 75%.
Is the confidence interval at 90%, 95%, or 99%? What is the margin of error? Calculate the confidence interval and explain what it means in terms of the situation. (10 points)

The phrasing "nine times out of ten" means 9/10 = 0.90 = 90% is the confidence level. We're confident 90% of the time that the confidence interval captures the population parameter we're after (in this case mu = population mean)

The portion "have an average score within 5% of 75%" means that 75% = 0.75 is the center of the confidence interval, and it goes as low as 0.75 - 0.05 = 0.70 and as high as 0.75 + 0.05 = 0.80

This confidence interval is from 70% to 80%, meaning that nine times out of ten, we're confident that the average score is between 70% and 80%

We write the confidence interval as (0.70, 0.80). It's common to use the notation (L, U) to indicate the lower (L) and upper (U) boundaries. You might see the notation in the form L < mu < U. If so, then it would be 0.70 < mu < 0.80; either way they mean the same thing.

The margin of error is 0.05 as its the 5% radius of the interval. It tells us how far the most distant score is from the center (75%)

In summary, we have these answers

wholesale price is the initial price before markup. retail price comes after the markup.

a price of 8 bucks that's marked up by 100%   is

formula: initial price + (percent markup in fraction/decimal)(initial price)

8+(1)(8)

8+8

16

retail price is $16.