Estimating the average amount of money

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Question: A marketing student is estimating the average amount of money that students at a large university spent on sporting events last year. He asks a random sample of 50 students at one of the university football games how much they spent on sporting events last year. Using this data he computes a 90% confidence interval, which turns out to be ($217, $677).

Which one of the following conclusions is valid?

a) We can be 90% confident that the mean amount of money spent at sporting events last year by all the students at this university is between $217 and $677.

b) 90% of the sample said they spent between $217 and $677 at sporting events last year.

c) No conclusion can be drawn.

Reference no: EM132264457

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