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A random sample of 20 students was sampled to see how much they were allotted for...

A random sample of 20 students was sampled to see how much they were allotted for their Christmas gift budget. The sample had a mean of $123. Assume that the population standard deviation is $7.50. Step 1: Calculate the margin of error (E) at the 99% level. Round to the nearest cent. Step 2: Construct a 99% confidence interval for the true Christmas gift budget for students. Step 3: If you want 99% level of confidence and a maximum error of $2, what is the minimum number of students you must include in your sample?

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