A Fishhaber is the owner of a AI's Marathon gas station. AI would like to estimate the mean number of gallons of gasoline sold to his customers. From his records he selects a sample of 60 sales and finds that the mean number of gallons sold is 8.60 and the standard deviation is 2.30 gallons.
a) What is the estimate of the population mean?
b) Develop a 99 percent confidence interval for the population mean.
c) Interpret the meaning of part b.