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

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Basic Math

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:


19, 21, 14, 19, 20, 17, 25, 15.

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 calculationstoward the final answer to three decimal places.

Answer & Explanation Solved by verified expert
3.9 Ratings (530 Votes)
TRADITIONAL METHOD given that sample mean x 1875 standard deviation s 34949 sample size n 8 I standard error sd sqrtn where sd standard deviation n sample size standard error 34949 sqrt 8 1236 II margin of error t 2 standard    See Answer
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