Suppose that Randy is an analyst for the bicyling industry and wants to estimate the asking price of used entry-level road bikes advertised online in the southeastern part of the United States. He...

Suppose that Randy is an analyst for the bicyling industry and wants to estimate the asking price of used entry-level road bikes advertised online in the southeastern part of the United States. He obtains a random sample of ?=13 online advertisements of entry-level road bikes. He determines that the mean price for these 13 bikes is ?⎯⎯⎯=$681.87 and that the sample standard deviation is ?=$177.45. He uses this information to construct a 99% confidence interval for ?, the mean price of a used road bike.