The Price of a Computer Fell 10% This Year

question 3

Multiple Choice

The price of a computer fell 10% this year. If the computer now costs $621, how much did it cost last year?

• A)$700
• B)$650
• C)$690
• D)$700.0
• E)$660

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Definitions:

Confidence Interval

It refers to the range within which we expect a population parameter to lie with a certain degree of confidence, based on sample data.

Sample Mean

The average value of a given characteristic within a sample drawn from a population.

Purchase Order

A formal document issued by a buyer to a seller, detailing the products, quantities, and agreed prices for products or services.

Point Estimate

A single value given as an estimate of a population parameter that is of interest, often derived from sample data.