Question 19 (1 point) Question 19 Unsaved You own a small storefront retail busi

Question

Question 19 (1 point) Question 19 Unsaved
You own a small storefront retail business and are interested in determining the average amount of money a typical customer spends per visit to your store. You take a random sample over the course of a month for 11 customers and find that the average dollar amount spent per transaction per customer is $118.722 with a standard deviation of $13.8579. Create a 99% confidence interval for the true average spent for all customers per transaction.
Question 19 options:
  
1)    (105.4797, 131.9643)
  
2)    (-105.4797, 131.9643)
  
3)    (105.7442002, 131.6997998)
  
4)    (114.5437, 122.9003)
  
5)    (115.5527, 121.8913)

Explanation / Answer

given n= 11

mean = $118.72

standard deviation = $13.8579

df = n-1 = 11-1=10

so wen df=10 the t statstic value off 99% c.i is = 3.169

margin of error = 3.169* standard devaiation /sqrt n

=3.169 * 13.8579/sqrt11

=13.24107726

true average is given by

x^+- ME

118.722-13.2410 , 118.722+ 13.2410

(105.4797, 131.9643)

so option a is correct

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