Find confidence interval for mean amount spent by patients

Reference no: EM13143326

A marketing firm wants to estimate the average amount spent by patients at the hospital pharmacy. For a sample of 70 randomly selected patients, the mean amount spent was $58.72 and the standard deviation $7.60.

(a) Find a 90% confidence interval for the mean amount spent by patients at the pharmacy. Show your calculations and/or explain the process used to obtain the interval.

(b) Interpret this confidence interval and write a sentence that explains it.

Reference no: EM13143326

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