Suppose another travel industry research company takes a random sample of 51 business travellers in the financial industry and determines that the sample average cost of a domestic trip is $ 1,193, with a sample standard deviation of $ 278. Construct a 98% confidence interval for the population mean from these sample data. Assume that the data are normally distributed in the population. Now go back and examine the $1,250 figure published by Runzheimer International. Does it fall into the confidence interval computed from the sample data? What does this tell you? Round your answers to 2 decimal places. The 98% confidence interval: The figure given by Runzheimer International falls + the confidence interval. There is no reason to + the Runzheimer figure as different from what we are getting based on this sample.

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According to Runzheimer International, the average cost of a domestic trip for business travellers in the financial industry is $1,250.
Suppose another travel industry research company takes a random sample of 51 business travellers in the financial industry and
determines that the sample average cost of a domestic trip is $ 1,193, with a sample standard deviation of $ 278. Construct a 98%
confidence interval for the population mean from these sample data. Assume that the data are normally distributed in the population.
Now go back and examine the $1,250 figure published by Runzheimer International. Does it fall into the confidence interval computed
from the sample data? What does this tell you?
Round your answers to 2 decimal places.
The 98% confidence interval:
The figure given by Runzheimer International falls
+ the confidence interval. There is no reason to
+ the
Runzheimer figure as different from what we are getting based on this sample.
Transcribed Image Text:According to Runzheimer International, the average cost of a domestic trip for business travellers in the financial industry is $1,250. Suppose another travel industry research company takes a random sample of 51 business travellers in the financial industry and determines that the sample average cost of a domestic trip is $ 1,193, with a sample standard deviation of $ 278. Construct a 98% confidence interval for the population mean from these sample data. Assume that the data are normally distributed in the population. Now go back and examine the $1,250 figure published by Runzheimer International. Does it fall into the confidence interval computed from the sample data? What does this tell you? Round your answers to 2 decimal places. The 98% confidence interval: The figure given by Runzheimer International falls + the confidence interval. There is no reason to + the Runzheimer figure as different from what we are getting based on this sample.
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