Confidence interval for mean using normal distribution

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Reference no: EM1321838

A market research company surveys individuals to determine how much money they spend each year on clothing. They sample 30 individuals and the sample mean is $1287 with a sample standard deviation of 632.

Required:

1. Estimate the population expenditure on clothing with 95% confidence.

2. Estimate the population expenditure on clothing with 99% confidence.

3. Describe the difference between your results in 1 and 2.

If the population mean was $1047 in the previous year, does the evidence suggest that expenditure this year has significantly changed?

Reference no: EM1321838

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