Find onfidence interval for mean amount spent by patients

Assignment Help Basic Statistics

Reference no: EM13118812

A marketing firm wants to estimate the average amount spent by patients at the hospital pharmacy. For a sample of 65 randomly selected patients, the mean amount spent was $93.50 and the standard deviation was $13.25.

(a) Find a 95% 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: EM13118812

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