Question: A research firm conducted a survey to determine the mean amount steady smokers spend on cigarettes during a week. A sample of 49 steady smokers revealed that \(\bar{X}\) = $20 and s = $5.

a. What is the point estimate of the population mean? Explain what it indicates.

b. Using the 95 percent level of confidence, determine the confidence interval for \(\bar{X}\). Explain what it indicates.