# Confidence interval estimate of the population total value

Please help with the following problem.

A stationery store wants to estimate the total retail value of the 300 greeting cards that it has in its inventory. What are the upper and lower limits of the 95% confidence interval estimate of the population total value of all greeting cards that are in inventory if a random sample of 20 greeting cards indicates an average value of $1.67 and a standard deviation of $0.32?

a) $457.52 and $544.48

b) $465.08 and $536.92

c) $460.29 and $541.72

d) $457.67 and $544.33

https://brainmass.com/statistics/confidence-interval/confidence-interval-estimate-population-total-value-163297

#### Solution Preview

A stationery store wants to estimate the total retail value of the 300 greeting cards that it has in its inventory. What are the upper and lower limits of the 95% confidence interval estimate of the population total value of all greeting cards that are in inventory if a random sample of 20 greeting cards indicates an average value of $1.67 and a standard ...

#### Solution Summary

In this solution, the 95% confidence interval estimate of the population total value of all greeting cards that are in inventory is calculated.