Create confidence interval for the difference m1-m2

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Reference no: EM13154165

For a study conducted by the research department of a pharmaceutical company, 205 randomly selected individuals were asked to report the amount of money they spend annually on prescription allergy relief medication. The sample mean was found to be $17.60 with a standard deviation of $5.70. A random sample of 220 individuals was selected independently of the first sample. These individuals reported their annual spending on non-prescription allergy relief medication. The mean of the second sample was found to be 18.40 with a standard deviation of $4.20 . As the sample sizes were quite large, it was assumed that the respective population standard deviations of the spending for prescription and non-prescription allergy relief medication could be estimated as the respective sample standard deviation values given above. Construct a 95% confidence interval for the difference M1-M2 between the mean spending on prescription allergy relief medication (M1) and the mean spending on non-prescription allergy relief medication (M2).

1. What is the lower limit of the 95% confidence interval?
2. What is the upper limit of the 95% confidence interval?

Reference no: EM13154165

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