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A major store is interested in estimating the mean amount its credit card customers spent on...

A major store is interested in estimating the mean amount its credit card customers spent on their first visit to the chain's new store. Fifteen credit card accounts (n=15) were randomly sampled and analyzed with the following results: X-bar = 50.5 and S = 20.

  1. Construct a 95% confidence interval for the mean amount its credit card customers spent on their first visit to the chain's new store.
  2. Interpret the results (the interval) you got.
Math   Statistics-And-Probability   
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Answer #1

Interpretation: If you construct 100 such confidence interval for mean amount its credit card customers spent on their first visit to the chain's new store then you will get 95 times out of 100, your confidence will contain mean amount its credit card customer spent.

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