The 90  million Americans of age 50 and over control 50  percent of all discretionary income. AARP estimated that the average annual expenditure on restaurants and carryout food was 1,870 for individuals in this age group. Suppose this estimate is based on a sample of 80  persons and that the sample standard deviation is 500 . Round your answers to the nearest whole numbers. a. At  99% confidence, what is the margin of error?   b. What is the 99% confidence interval for the population mean amount spent on restaurants and carryout food?   ,    c. What is your estimate of the total amount spent by Americans of age 50  and over on restaurants and carryout food?    million

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The 90  million Americans of age 50 and over control 50  percent of all discretionary income. AARP estimated that the average annual expenditure on restaurants and carryout food was 1,870 for individuals in this age group. Suppose this estimate is based on a sample of 80  persons and that the sample standard deviation is 500 . Round your answers to the nearest whole numbers.

a. At  99% confidence, what is the margin of error?

 

b. What is the 99% confidence interval for the population mean amount spent on restaurants and carryout food?

  ,   

c. What is your estimate of the total amount spent by Americans of age 50  and over on restaurants and carryout food?

   million

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