probability is about .95 that the 95% confidence interval will include the true population parameter. On the other hand, 2.5% of the time the highest value in the confidence interval will be smaller than the true value, while 2.5% of the time the smallest value in the confidence interval will be greater than the true value.
Just remember, low prices sell more quickly. When in doubt, go back to Step 1 and remind yourself WHY you are having a garage sale. Then, proceed with your pricing.Items sold for $1 sell much faster than those sold for $5 or more. For the best results, keep your prices in the $1 to $2 range.
In this scenario the car salesman is starting with a base cost of $10,500. Now let's say the sale price on the vehicle is set at $15,995. Assuming the customer pays full price, that would be a $5,495 front end gross profit, of which the car salesman salary, or commission, would be 25% or $1,373.75.