How much money do people spend on graduation gifts? In 2007, a federation surveyed 2815 consumers who reported that they bought one or more graduation gifts that year. The sample was selected in a way designed to produce a sample representative of adult Americans who purchased graduation gifts in 2007. For this sample, the mean amount spent per gift was $52.65. Suppose that the sample standard deviation was $20. Construct a 98% confidence interval for the mean amount of money spent per graduation gift in 2007. (Round your answers to three decimal places.)
sample mean 'x̄= | 52.650 |
sample size n= | 2815.00 |
sample std deviation s= | 20.000 |
std error 'sx=s/√n= | 0.3770 |
for 98% CI; and 2814 df, value of t= | 2.328 | |
margin of error E=t*std error = | 0.877 | |
lower bound=sample mean-E = | 51.773 | |
Upper bound=sample mean+E = | 53.527 | |
from above 98% confidence interval for population mean =(51.773 ,53.527) |
How much money do people spend on graduation gifts? In 2007, a federation surveyed 2815 consumers...
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