Confidence interval for mean.
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A University surveys 36 randomly selected students and asks the number of dollars sent on textbooks/supplies during the academic year. The results (in dollars) are shown below:
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Use Excel to construct a 90% confidence interval for the mean dollars spent.
Would a given mean value of $600 be likely, given the calculated confidence interval?
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Solution Summary
Construction of confidence interval for population mean discussed in the answer. Excel template for each problem is also included. This template can be used to obtain the answers of similar problems.
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