Stats Solutions

(See Solution) A gift shop is interested in charges made by credit card customers. The owner wants an estimate of the mean purchase amount for credit card customers

Question: A gift shop is interested in charges made by credit card customers. The owner wants an estimate of the mean purchase amount for credit card customers that are within $1.00 of the actual population mean. The standard deviation is estimated at $4.75.

  1. How large a sample is necessary for a 98% confidence level?
  2. If the gift shop owner used a sample of 100 credit card customers what is the maximum tolerable error?

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