Determining confidence interval for mean amount spent

Reference no: EM1319099

Q1) A group of 25 internet shoppers were asked how much they spent per year on Internet. Their responses (in dollars) are shown below.

418	379	77	212	378
363	434	348	245	341
331	356	423	330	247
351	151	220	383	257
307	297	448	391	210

Determine a 95% confidence interval for mean amount spent by all Internet shoppers

Suppose that average annual salary for worker in United States is $31,000 and that annual salaries for Americans are normally distributed with standard deviation equal to $7,500. Determine the following:

a) What percentage of Americans earn below $20,000?

b) What percentage of Americans earn above $45,000?

Reference no: EM1319099

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