Assignment:
For a study conducted by the research department of a pharmaceutical company, 255 randomly selected individuals were asked to report the amount of money they spend annually on prescription allergy relief medication. The sample mean was found to be $17.70 with a standard deviation of $4.90. A random sample of 215 individuals was selected independently of the first sample. These individuals reported their annual spending on non-prescription allergy relief medication. The mean of the second sample was found to be $18.30 with a standard deviation of $3.80. As the sample sizes were quite large, it was assumed that the respective population standard deviations of the spending for prescription and non-prescription allergy relief medication could be estimated as the respective sample standard deviation values given above. Construct a 95% confidence interval for the difference μ1 - μ2 between the mean spending on prescription allergy relief medication (μ1 ) and the mean spending on non-prescription allergy relief medication ( μ2 ). Then complete the table below.
Carry your intermediate computations to at least three decimal places. Round your answers to at least two decimal places. (If necessary, consult a list of formulas.)
Provide complete and step by step solution for the question and show calculations and use formulas.