Prepare a 95 confidence interval for the average grocery, Ask an Expert

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You started a new restaurant. Based on invoices for the first 30 days, you estimated your average grocery bill to be $20,000 with a standard deviation of $2000. You want to start another restaurant in a similar neighborhood and you are planning to prepare a brochure for investors and to work out a deal with a whole sale food distributor. Prepare a 95% confidence interval for the average grocery bill. Would a 99% confidence interval be narrower or wider than the 95% confidence interval?

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Statistics and Probability, Statistics

Category:- Statistics and Probability
Reference No.:- M9357261

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