SOLUTION: A study was conducted to estimate the mean amount spent on birthday gifts for a typical family having two children. A sample of 130 was taken, and the mean amount spent was $182.29

Question 612254: A study was conducted to estimate the mean amount spent on birthday gifts for a typical family having two children. A sample of 130 was taken, and the mean amount spent was $182.29. Assuming a standard deviation equal to $45.23, find the 95% confidence interval for m, the mean for all such families (show all work).
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A study was conducted to estimate the mean amount spent on birthday gifts for a typical family having two children. A sample of 130 was taken, and the mean amount spent was $182.29. Assuming a standard deviation equal to $45.23, find the 95% confidence interval for m, the mean for all such families
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x-bar = 182.29
ME = 1.96*45.23/sqrt(130) = 7.78
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95%CI: 182.29-7.78 < u < 182.29+7.78
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Cheers,
Stan H.
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