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A retail survey of a sample of 36 adult shoppers at a suburban liquor store over the Christmas period revealed an average amount spent on alcohol of $130 with a standard deviation of $12.
A) Construct a 90% confidence interval for the population mean amount spent on alcohol at the store during this period.
B) Provide a practical interpretation of the confidence interval you have constructed in A).
C) If it was desired to attempt to "improve" the estimate constructed in A) by increasing the level of confidence from 90% to 95%, and keeping everything else as it is, comment on any negative aspects of this strategy.
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