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In a survey, 40 people were asked how much they spent on their child's last birthday gift. The result were roughly bell-shaped with a mean of $50 and standard deviation of $2. Calculate, state, and interpret a 95% confidence interval to estimate the mean amount of money parents spend on their child's birthday gift. Round to the nearest 100th where necessary. Use the space below to type your answer AND/OR to upload a picture of your work for all the questions in this problem

In a survey, 40 people were asked how much they spent on their child's last birthday gift. The result were roughly bell-shaped with a mean of $50 and standard deviation of $2. Calculate, state, and interpret a 95% confidence interval to estimate the mean amount of money parents spend on their child's birthday gift. Round to the nearest 100th where necessary. Use the space below to type your answer AND/OR to upload a picture of your work for all the questions in this problem

MATLAB: An Introduction with Applications
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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In a survey, 40 people were asked how much they spent on their child's last birthday gift. The results were roughly bell-shaped with a mean of $50 and standard deviation of $2. Calculate, state, and interpret a 95% confidence interval to estimate the mean amount of money parents spend on their child's birthday gift. Round to the nearest 100th where necessary. Use the space below to type your answer AND/OR to upload a picture of your work for all the questions in this problem.
Transcribed Image Text:In a survey, 40 people were asked how much they spent on their child's last birthday gift. The results were roughly bell-shaped with a mean of $50 and standard deviation of $2. Calculate, state, and interpret a 95% confidence interval to estimate the mean amount of money parents spend on their child's birthday gift. Round to the nearest 100th where necessary. Use the space below to type your answer AND/OR to upload a picture of your work for all the questions in this problem.
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Step 1

Given data,μ=50σ=2n=40z-value at 95% confidence is Zc=1.96

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