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Estimate the average amount of money

Question: A researcher wishes to estimate the average amount of money that a person spends on lottery tickets per month. A sample of 50 people who play the lottery found a mean of $19 with a standard deviation of 6.8. Find the 95% confidence interval of the population mean.

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Basic Statistics: Estimate the average amount of money

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Solution Preview :

Prepared by a verified Expert

Basic Statistics: Estimate the average amount of money

Reference No:- TGS0687335

Have a Question? (oR Write a Review)

Recent Questions Asked Basic Statistics

Q : Probability based on normal distribution

Q : How cutting sample size in half affect standard error mean

Q : Science and engineering employees based problem

Q : Describe distribution of the mean lifespan of light bulbs

Q : Estimate the average amount of money

Q : Find probability-area covered by can of spray paint is more

Q : Confidence interval of the true mean cost of a large pizza

Q : Costs for cremation

Q : Confidence interval-true proportion having air conditioning

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Solution Preview :

Prepared by a verified Expert

Basic Statistics: Estimate the average amount of money

Reference No:- TGS0687335

Recent Questions Asked Basic Statistics

Q : Probability based on normal distribution

Q : How cutting sample size in half affect standard error mean

Q : Science and engineering employees based problem

Q : Describe distribution of the mean lifespan of light bulbs

Q : Estimate the average amount of money

Q : Find probability-area covered by can of spray paint is more

Q : Confidence interval of the true mean cost of a large pizza

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Q : Confidence interval-true proportion having air conditioning

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