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The U.S. Department of Agriculture (USDA) uses sample surveys to obtain important economic estimates. One USDA pilot study estimated the price received by farmers for corn sold in January from a sample of 20 farms. The mean price was reported as $3.64 per bushel with a standard deviation of $0.0835 per bushel. Give a 95% confidence interval for the mean price received by farmers for corn sold in January.

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Answer:

{$3.60; $3.68}

Step-by-step explanation:

The confidence interval for a sample of size 'n', with mean price 'X' and standard deviation 's' is determined by:

[tex]X\pm z*\frac{s}{\sqrt n}[/tex]

The z-score for a 95% confidence interval is 1.96.

Applying the given data, the lower and upper bounds of the confidence interval are:

[tex]3.64\pm 1.96*\frac{0.0835}{\sqrt 20} \\L=\$3.60\\U=\$3.68[/tex]

The confidence interval for the mean price received by farmers for corn sold in January is:

CI : {$3.60; $3.68}

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