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:
27, 22, 11, 19, 20, 19, 25, 21.
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.
