Normally distributed in the population

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According to Runzheimer International, the average cost of a domestic trip for business travelers in the financial industry is $1,250. Suppose another travel industry research company takes a random sample of 51 business travelers in the financial industry and determines that the sample average cost of a domestic trip is $1,192, with a sample standard deviation of $279. Construct a 98% confidence interval for the population mean from these sample data. Assume that the data are normally distributed in the population. Now go back and examine the $1,250 figure published by Runzheimer International. Does it fall into the confidence interval computed from the sample data? What does it tell you?

Reference no: EM13215990

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