:shakehead

A well known children's shoe store wants to estimate the mean retail value of rain boots that it has in its inventory. A random sample of 20 rain boots indicates an average value of $25.59 and a standard deviation of $ 4.25.

a. Assuming a normal distribution, set up a 95% confidence interval estimate of the mean value of all rain boots in the store's inventory.

b. How can the results you obtained above help the store owner estimate the total value of his inventory?