Define Confidence interval for population mean.
An analysis conducted by the American Automobile Association showed that a family of four spends an average of $215.60 per day while on vacation. Presume a sample of 64 families of four vacationing at Niagara Falls results in a sample mean of $252.45 per day and a sample standard deviation of $75.50.
a) Develop a 95% confidence interval approximation of the mean amount spent per day by a family of four visiting Niagara Fall.
b) Based on the confidence interval from part (a) does it appears that the population mean amount spend per day by families visiting Niagara Falls differs from the mean reported by the American Association? Explain.