[Solved] Jordan is the manager of a used bookstore. He wants to estimate the average amount a customer spends per visit. A random sample of 20 customer
Question: Jordan is the manager of a used bookstore. He wants to estimate the average amount a customer spends per visit. A random sample of 20 customer receipts had a mean of x̄ = $6.90. Based on prior information, the distribution of the amount a customer spends per visit is normal and σ = $2.45. Find a 96.52% confidence interval for the average amount spent by all customers.
Give a brief interpretation of the confidence interval in the context of this problem.
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