A Major Department Store Chain Is Interested in Estimating the Mean

question 141

Multiple Choice

A major department store chain is interested in estimating the mean amount its credit card customers spent on their first visit to the chain's new store in the mall.Fifteen credit card accounts were randomly sampled and analyzed with the following results:
x? = $50.50 And S = 20 .Construct a 95% confidence interval for the mean amount its credit card customers spent on their first visit to the chain's new store in the mall if the amount spent follows a normal distribution.

• A)$50.50 \(\pm\) $9.09
• B)$50.50 \(\pm\) $10.12
• C)$50.50 \(\pm\) $11.00
• D)$50.50 \(\pm\) $11.08

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Definitions:

Sample Sizes

The number of observations or data points that make up a sample, an essential aspect of experimental design affecting the accuracy of statistical estimates.

Clothing Expenditures

The amount of money spent on garments and attire over a certain period.

Population Mean

The population mean is the average value of all the elements in a population, representing the central tendency of the population.

Confidence

In statistics, this refers to the degree to which one can be sure about the reliability of a statistical estimate, often expressed as a confidence interval.