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How much money do people spend on graduation gifts? In 2007, a federation surveyed 2415 consumers...

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Basic Math

How much money do people spend on graduation gifts? In 2007, afederation surveyed 2415 consumers who reported that they boughtone or more graduation gifts that year. The sample was selected ina way designed to produce a sample representative of adultAmericans who purchased graduation gifts in 2007. For this sample,the mean amount spent per gift was $58.15. Suppose that the samplestandard deviation was $20. Construct a 98% confidence interval forthe mean amount of money spent per graduation gift in 2007. (Roundyour answers to three decimal places.)
(  ,  )

Interpret the interval.

We are 98% confident that the mean amount of graduation moneyspent was within this interval.

We are 98% confident that the mean amount of money spent pergraduation gift in 2007 was within thisinterval.    

We are confident that the mean amount of money spent pergraduation gift in 2007 was within this interval 98% of thetime.

We are confident that 98% of the amount of money spent pergraduation gift in 2007 was within this interval.

Answer & Explanation Solved by verified expert
4.1 Ratings (458 Votes)
Let us assume that our sample x1 x2 xn is drawn from normal populationSo xi and mean of all sample values will be and Thus 1 confidenceinterval of isgiven by Here 5815sample standard    See Answer
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