Question

2. In 2017, the National Retail Federation surveyed a random sample of 1812 U.S. consumers who reported they bought one or more graduation gifts that year. For this sample, the mean amount spent per gift was reported to be $74.08 with a standard deviation of $20.50.

a. Find the 95% confidence interval for the mean amount of money spent per graduation gift in 2017 by U.S. consumers (round to two decimal places).

b. Find the margin of error (round to two decimal places). __________

c. Write a statement explaining the meaning of the C.I. found in Part a

Answer 1