Suppose that Randy is an analyst for the bicyling industry andwants to estimate the asking price of used entry-level road bikesadvertised online in the southeastern part of the United States. Heobtains a random sample of n = 14 online advertisements ofentry-level road bikes. He determines that the mean price for these14 bikes is ¯¯¯ x = $ 714.19 and that the sample standard deviationis s = $ 184.56 . He uses this information to construct a 99%confidence interval for μ , the mean price of a used road bike.What is the lower limit of this confidence interval? Please giveyour answer to the nearest cent.
