A major department store chain is interested in estimating the average amount its credit card customers spent on their first visit to the chain's new online store. Fifteen credit card accounts were randomly sampled and analyzed with the following results:  = $50.50 and S = $20.00. Construct a 95% confidence interal estimate for the mean amount that its credit card customers spent on their first visit to the online store. Assume the amount spent follows a normal distribution. [Be sure to include a statement of your confidence interval formula.]

From the provided information, Sample size (n) = 15 Sample mean (x̄) = $50.50 Sample standard…

Answered: A major department store chain is…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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A major department store chain is interested in estimating the average amount its
credit card customers spent on their first visit to the chain's new online store.
Fifteen credit card accounts were randomly sampled and analyzed with the
following results:
 = $50.50 and S = $20.00.
Construct a 95% confidence interal estimate for the mean amount that its credit
card customers spent on their first visit to the online store. Assume the amount
spent follows a normal distribution.
[Be sure to include a statement of your confidence interval formula.]

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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