Answered: In a survey, you manage to collect data…

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, you manage to collect data from a random sample of 40 smokers. One of the items in your questionnaire is 'How much money do you spend on tobacco products in a typical week?' Responses to this question reveal that the sample mean is equal to 18 euros and the sample standard deviation is 6 euros. Because of the large sample size, we can assume that (over repeated samplings) the sample means follow a normal distribution and the sample standard deviation is a good approximation of the population standard deviation.

Under these assumptions, calculate the lower limit of the 99% confidence interval for the true population mean.

(Give the result in euros, rounded to two decimals. Provide the number alone, without the € sign, e.g. 21.53.)

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