Dr. Mack Lemore, an expert in consumer behavior, wants to
estimate the average amount of money that people spend in thrift
shops. He takes a small sample of 8 individuals and asks them to
report how much money they had in their pockets the last time they
went shopping at a thrift store. Here are the data:
24.14, 34.72, 18.35, 14.24,
13.48, 31.08, 16.01,
11.16.
Find the lower bound of a 98% confidence interval
for the true mean amount of money individuals carry with them to
thrift stores, to two decimal places. Take all calculations
toward the final answer to three decimal places.
I am getting mixed up on this problem and not sure where I am going wrong. Please help and show step by step. Thanks a lot.
lower bound of a 98% confidence interval for the true mean amount of money =11.19
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