SOLUTION: The employees of Electronics Inc. would like to have a dental plan as part of their benefits package. The question is: How much does a typical employee and his or her family spend

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Question 1118453: The employees of Electronics Inc. would like to have a dental plan as part of their benefits package. The question is: How much does a typical employee and his or her family spend per year on dental expenses? A sample of 46 employees reveals the mean amount spent last year was $1900, with a standard deviation of $630.

a. Construct a 98% confidence interval for the population mean. (Round the final answers to the nearest whole dollar.

Answer by stanbon(75887) About Me  (Show Source):
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The employees of Electronics Inc. would like to have a dental plan as part of their benefits package. The question is: How much does a typical employee and his or her family spend per year on dental expenses? A sample of 46 employees reveals the mean amount spent last year was $1900, with a standard deviation of $630.
a. Construct a 98% confidence interval for the population mean. (Round the final answers to the nearest whole dollar.
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sample mean:: 1900
Margin of Error:: z(s/sqrt(n)) = 2.3263(630/sqrt(46)) = 216
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98% CI:: 1900-216 < u < 1900+216
98% CI:: 1684 < u < 2116
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Cheers,
Stan H.
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