Question

An online auction website allows sellers to place a reserve on their items up for auction. Bids on an item with a reserve must exceed a predetermined price before the seller commits to the transaction. In a sample of 2,617 auctions, the mean reserve was $112 with a standard deviation of $560. Find an approximate 95% confidence interval for the true mean reserve price, µ.

A. 116 ± 18.46
B. 110 ± 20.61
C. 112 ± 25.56
D. 112 ± 21.46