You Want to Estimate the Average Gasoline Price in Your $\$ 2.01 < \mu < \$ 2.13$

question 2

Multiple Choice

You want to estimate the average gasoline price in your city for a gallon of regular gasoline. You take a simple random sample of prices from 17 gasoline stations, recording an average cost of $2.07 and a standard deviation of $0.06. Assume that the population of these prices is normally distributed. Construct the 95% confidence interval estimate of the population mean. Round your estimates to the nearest cent.

• A) \(\$ 2.01 < \mu < \$ 2.13\)
• B) \(\$ 2.06 < \mu < \$ 2.08\)
• C) \(\$ 2.04 < \mu < \$ 2.10\)
• D) \(\$ 2.04 < \mu < \$ 2.08\)

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Definitions:

Commingled

Commingled refers to the mixing of assets or funds belonging to different parties such that they cannot be distinguished from one another.

Confusion

The act of mingling or blending goods or property in such a way that they can no longer be distinguished; in legal terms, it can affect rights of ownership.

Negotiable Document of Title

A document guaranteeing the possession and control of goods, which can be transferred to another party to facilitate commerce.

Legal Title

The formal right of ownership of property, which may or may not include the right to use or occupy the property.