Question: Please construct a confidence interval in the situation described below. You need to choose which Excel Worksheet to use (CI Sigma_Known.xls or CI_Sigma_Unknown.xls) and explain your choice.

A major department store chain is interested in estimating the average amount its credit card customers spent on their first visit to the chain's new store. 15 credit card accounts were randomly sampled and analyzed with the following results: mean is $50.50 and S ² is 400. Construct a 95% confidence interval for the average amount its credit card customers spent on their first visit to the chain's new store in the mall assuming that the amount spent follows a normal distribution.

Price: $2.99

Solution: The downloadable solution consists of 2 pages
Deliverable: Word Document