SOLUTION: A study was conducted to estimate the mean amount spent on birthday gifts for a typical family having two children. A sample of 180 was taken, and the mean amount spent was $219.76

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Question 617081: A study was conducted to estimate the mean amount spent on birthday gifts for a typical family having two children. A sample of 180 was taken, and the mean amount spent was $219.76. Assuming a standard deviation equal to $41.77, find the 99% confidence interval for µ, the mean for all such families.
Answer by ewatrrr(24785) About Me  (Show Source):
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Hi, 

A study was conducted to estimate the mean amount spent on birthday gifts for a typical family having two children. 

A sample of 180 was taken, and the mean  $219.76. Assuming SD = $41.77, 

find the 99%z+=+2.576 confidence interval for µ, the mean for all such families. 

ME = 2.576[41.77/sqrt(180)] 		

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CI: 219.76-ME < u < 219.76 + ME