Discuss the below:
The Human Relations Department of Electronics, Inc., would like to include a dental plan as part of the benefits package. The question is: How much does a typical employee and his or her family spend per year on dental expenses? A sample of 45 employees reveals the mean amount spent last year was $1,820, with a standard deviation of $660.
1. Construct a 95 percent confidence interval for the population mean.
2. The information from part (a) was given to the president of Electronics, Inc. He indicated he could afford $1,700 of dental expenses per employee. Is it possible that the population mean could be $1,700?