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Dr. Mack Lemore, an expert in consumer behavior, wants to estimate the average amount of money...

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Statistics

Dr. Mack Lemore, an expert in consumer behavior, wants toestimate the average amount of money that people spend in thriftshops. He takes a small sample of 8 individuals and asks them toreport how much money they had in their pockets the last time theywent shopping at a thrift store. Here are the data: 12, 31, 17, 18,22, 36, 15, 13. Find the upper bound of a 95% confidence intervalfor the true mean amount of money individuals carry with them tothrift stores, to two decimal places. Take all calculations towardthe final answer to three decimal places.

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Solutionxx212144319611728918324224843612961522513169x164x23892The sample mean is Mean x n 12 31 17 18    See Answer
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