Estimate the mean amount spent on birthday gifts


A study was conducted to estimate the mean amount spent on birthday gifts for a typical family having two children. A sample of 150 was taken, and the mean amount spent was $242.86. Assuming a standard deviation equal to $37.66, find the 99% confidence interval for m, the mean for all such families (show all work).

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Basic Statistics: Estimate the mean amount spent on birthday gifts
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