Question

The 94 million Americans of age 50 and over control 50 percent of all discretionary income. AARP estimates that the average a
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Answer #1

a)

Given
X bar 1871
S 590
n 80
α= 0.05
df 79 n-1

95% CI

CI
tc 1.99045 T.INV.2T(alpha,df)
ME 131.2981 tc*(S/SQRT(n))
Upper 2002.298 X bar + tc*(S/SQRT(n))
Lower 1739.702 X bar - tc*(S/SQRT(n))

a)

Margin of error (ME) = 131 (rounded)

b)

95% CI = (1740, 2002)

c)

Estimate of the total amount

Xbar * n = 1871*80 = $149680

d)

the amount spent on restaurants and carryout food is skewed to the right, the median amount spent to be less than $1871

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