A store is preparing the launch of a new product and is considering various price points at which to sell it. A market survey of the selling price at 25 competitors has a mean selling price of $90.50. It is known that the population standard deviation for this product price is $7.50 and that the population is normally distributed. We wish to construct a 95% confidence interval for the population mean price of this product.
a) What is the maximum error of this interval estimate?
b) What is the 95% confidence interval for the population mean price of this product?