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[See Steps] A research firm conducted a survey to determine the mean amount steady smokers spend on cigarettes during a week. They found the distribution

Question: A research firm conducted a survey to determine the mean amount steady smokers spend on cigarettes during a week. They found the distribution of amounts spent per week followed the normal distribution with a standard deviation of $5. A sample of 49 steady smokers revealed that X= $20.

Part (a) - What is the point estimate of the population mean? Explain what it indicates.

Part (b) - Using the 95 percent level of confidence, determine the confidence interval for µ. Explain what it indicates.

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[See Steps] A research firm conducted a survey to determine the mean amount steady smokers spend on cigarettes during a week. They found the distribution

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