A major department store chain is interested in estimating t…
A major department store chain is interested in estimating the average amount its credit card customers spent on their first visit to the chain’s new store in the mall. Fifteen credit card accounts were randomly sampled and analyzed. Based on this sample the estimated mean is $50.50 and the estimated variance is 400. Construct a 95% confidence interval for the average amount its credit card customers spent on their first visit to the chain’s new store in the mall assuming that the amount spent follows a normal distribution.
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