In a survey, 25 people were asked how much they spent on their
child's last birthday gift. The results were roughly bell-shaped
with a mean of $36 and standard deviation of $16. Estimate how much
a typical parent would spend on their child's birthday gift (use a
95% confidence level).
Give your answers to one decimal place. Provide the point estimate
and margin or error.
Ans:
n=25
df=25-1=24
critical t value=tinv(0.05,24)=2.064
Margin of error=2.064*16/sqrt(25)=6.604
Confidence interval for mean
=36+/-6.604
=(29.396, 42.604)
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