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It is known that monthly spending by individuals in a

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It is known that monthly spending by individuals in a community is normally distributed. To estimate the average monthly spending, a statistician asked 4 people randomly about their monthly spending. The following are the number of dollars these four spent in April: 480, 510, 501, 505. With 98 percent confidence, over what interval does the mean of people's monthly spending lie?

Reference no: EM13624415

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