1. An independent researcher wishes to estimate the average amount of money a young professional spends in clothing each month. A sample of 30 young professional who spend in clothing found the mean to be Php 500 and the standard deviation to be Php 60. Find 95% confidence interval of the population mean.

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I. Find the confidence interval estimate of the following problems on estimation of parameters. Then
verify your answer using excel.
1. An independent researcher wishes to estimate the average amount of money a young professional spends in
clothing each month. A sample of 30 young professional who spend in clothing found the mean to be Php 500
and the standard deviation to be Php 60. Find 95% confidence interval of the population mean.
2. The following are the IQ test scores of 31 randomly selected business students in a certain university.
113
99
102
104
120
89
91
114
114
103
105 106
108
130
131
110
127
118
119
87
73
111
103
74
112
107
103
98
96
112
113
Estimate the mean IQ score for all business students using the following:
a. 99% confidence interval
Transcribed Image Text:I. Find the confidence interval estimate of the following problems on estimation of parameters. Then verify your answer using excel. 1. An independent researcher wishes to estimate the average amount of money a young professional spends in clothing each month. A sample of 30 young professional who spend in clothing found the mean to be Php 500 and the standard deviation to be Php 60. Find 95% confidence interval of the population mean. 2. The following are the IQ test scores of 31 randomly selected business students in a certain university. 113 99 102 104 120 89 91 114 114 103 105 106 108 130 131 110 127 118 119 87 73 111 103 74 112 107 103 98 96 112 113 Estimate the mean IQ score for all business students using the following: a. 99% confidence interval
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