SOLUTION: A study was conducted to estimate the mean amount spent on birthday gifts for a typical family having two children. A sample of 150 was taken, and the mean amount spent was $225. A

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Question 233773: A study was conducted to estimate the mean amount spent on birthday gifts for a typical family having two children. A sample of 150 was taken, and the mean amount spent was $225. Assuming a standard deviation equal to $50, find the 95% confidence interval for μ, the mean for all such families (show all work).

Answer by stanbon(57282) About Me  (Show Source):
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A study was conducted to estimate the mean amount spent on birthday gifts for a typical family having two children. A sample of 150 was taken, and the mean amount spent was $225. Assuming a standard deviation equal to $50, find the 95% confidence interval for μ, the mean for all such families (show all work).
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sample mean: 225
standard error: 1.96*50/(sqrt(150) = 8
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95% CI: 225-8 < u < 225+8
Ans: (217,233)
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Cheers,
Stan H.