SOLUTION: A random sample of 49 shoppers showed that they spend an average of $23.45 per visit at the Saturday Mornings Bookstore. The standard deviation of the population is $2.80. Find a p
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Question 1161758: A random sample of 49 shoppers showed that they spend an average of $23.45 per visit at the Saturday Mornings Bookstore. The standard deviation of the population is $2.80. Find a point estimate of the population mean. Find the 90% confidence interval of the true mean Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! the half-interval is z(0.95)*sigma/sqrt(n)=1.645*2.80/7=0.658
this is added to and subtracted from the mean for the interval
90%CI is ($22.79, $24.11)
The point estimate is the means of the sample or $23.45. It is the only estimate available.
