Percent confidence interval around the mean


A small town has population of 20,000 people. Among these 1,000 regularly visit the popular local bar. A sample of 100 people who visit the bar is surveyed for their annual expenditures in bar. It is found that on average each and every person who regularly visits the bar spends regarding $2000 per year in the bar with standard deviation of $200. Develop a 99 percent confidence interval around the mean annual expenditure in the bar.

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Basic Statistics: Percent confidence interval around the mean
Reference No:- TGS0865543

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