SOLUTION: COST OF TEXTBOOKS: An irate student complained that the cost of textbooks was too high. He randomly surveyed 36 other students and found that the mean amount of money spent for tex

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Question 746446: COST OF TEXTBOOKS: An irate student complained that the cost of textbooks was too high. He randomly surveyed 36 other students and found that the mean amount of money spent for textbooks was $121.60. If the standard deviation of the population was $6.36, find the best point estimate and the 90% confidence interval of the true mean.
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
An irate student complained that the cost of textbooks was too high. He randomly surveyed 36 other students and found that the mean amount of money spent for textbooks was $121.60. If the standard deviation of the population was $6.36, find the best point estimate and the 90% confidence interval of the true mean.
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point estimate = x-bar = 121.60
ME = (1.645*6.36/sqrt(36)) = 1.7435
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90% CI: 121.60-1.7435 < u < 121.60+1.7435
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Cheers,
Stan H.
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