Bob Nale is the owner of Nale’s Quick Fill. Bob would like to estimate the mean number of gallons of gasoline sold to his customers. Assume the number of gallons sold follows the normal distribution with a population standard deviation of 2.50 gallons. From his records, he selects a random sample of 55 sales and finds the mean number of gallons sold is 5.40. Required:
a. What is the point estimate of the population mean?
b. Develop a 99 percent confidence interval for the population mean.
c. Interpret the meaning of part (b).