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QUESTION
In analyzing the operating cost for a huge fleet of delivery trucks, a manager takes a sample mean and sample standard deviation.
In analyzing the operating cost for a huge fleet of delivery trucks, a manager takes a sample mean and sample standard deviation.Then he finds a 95% confidence interval for the mean cost to be 253 to 320. He finds that this interval contains the mean operating cost for the fleet of delivery trucks because the sample mean is contained in the interval. Do you agree? How would you interpret this confidence interval?
