There is a study on the dollar value of orders placed with various suppliers. A sample of 10 orders showed amounts in thousands of dollars of 40.6, 61.3, 53, 70.7, 36, 56.3, 58.4, 71.7, 47.4, and 45.6. The company doing the study wishes to develop a 95% confidence interval on the average dollar value of orders.
a) Find the value for the point estimate
b) Find the appropriate standard error
c) Develop the confidence interval