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Construct a 99 Percent Confidence Interval Around the Mean

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A small town has a population of 20,000 people. Among these, 1,000 regularly visit a popular local bar. A sample of 100 people who visit the bar is surveyed for their annual expenditures in the bar. It is found that on average each person who regularly visits the bar spends about $2000 per year in the bar with a standard deviation of $200. Construct a 99 percent confidence interval around the mean annual expenditure in the bar.

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Please see the attachments.

Statistics exercise 3
Please solve the exercise below using Excel and show your work (including formulas)

3. A small town has a population of 20,000 people. Among these 1,000 regularly visit a popular local bar. A sample of 100 people who visit the bar is surveyed for their annual expenditures in the bar. It is found that on average each ...

Solution Summary

The solution provides step by step method for the calculation of confidence interval for mean. Formula for the calculation and Interpretations of the results are also included. Interactive excel sheet is included. The user can edit the inputs and obtain the complete results for a new set of data.

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