Assume that the average amount of money spent on video games isnormally distributed with a population standard deviation of 12.42AED. Your friend wants to estimate the expenditure on video games,takes a sample of 10 students, and finds that the mean expenditureis 50.77 AED. a. Estimate with 99% confidence the average amount ofexpenditure on video games. b. How many students you need to samplein order to be within 5 AED, with 95% confidence? c. Assume thatyour friend told you that the average amount of expenditure fromthese 10 students should be at least 75 AED. Do you think he iscorrect? Explain using probabilities.
