Applying confidence interval for population mean

Reference no: EM13104233

A stationary store wants to estimate the mean retail value of greeting cards that it has in inventory A random sample of 100 greeting cards. a mean value of 2.55 and standard deviation of 0.44

A. Assuming a normal distribution, construct a 95% confidence interval estimate for the mean value of all greeting cards in the store inventory

B. Suppose there are 2500 greeting cards in the store's inventory . How are the results in (A) useful in assisting the store owner to estimate the total value of the inventory

Reference no: EM13104233

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