You own a small storefront retail business and are interested in determining the average amount of money a typical customer spends per visit to your store. You take a random sample over the course of a month for 10 customers and find that the average dollar amount spent per transaction per customer is $89.273 with a standard deviation of $15.7783. Create a 99% confidence interval for the true average spent for all customers per transaction. 1) ( 84.283 , 94.263 ) 2) ( 73.461 , 105.085 ) 3) ( -73.058 , 105.488 ) 4) ( 73.058 , 105.488 ) 5) ( 86.023 , 92.523 )
Added by Jesus C.
Close
Step 1
Since we have a sample size of 10, we will use the t-distribution. The t-score for a 99% confidence interval with 9 degrees of freedom (n-1) is approximately 3.25. Show more…
Show all steps
Your feedback will help us improve your experience
Adi S and 98 other Intro Stats / AP Statistics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
A coffee shop wants to estimate the average amount of money customers spend per visit. From a sample of 200 transactions, the mean spending is $12.50 with a standard deviation of $2. Construct a 99% confidence interval for the true average spending per customer.
James K.
thoughtful predictions swimmingly.探索监督学习的相关算法，特别是分类算法。在学习分类算法时，我们不仅要掌握其理论基础，还要能够
Clarissa B.
To determine the mean cost of groceries in a certain city, an identical grocery basket of food is purchased at each store in a random sample of ten stores. If the average cost is $47.52 with a standard deviation of $1.59, find a 98% confidence interval estimate for the cost of these groceries in the city.
Lakshya H.
Recommended Textbooks
Elementary Statistics a Step by Step Approach
The Practice of Statistics for AP
Introductory Statistics
Transcript
Watch the video solution with this free unlock.
EMAIL
PASSWORD