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A major department store chain is interested in estimating the average amount its credit card customers...

A major department store chain is interested in estimating the average amount its credit card customers spent on their first visit to the chain’s new store in the mall. Twenty five credit card accounts were randomly sampled and analyzed with the following results: X = $85 and S = 28. Assuming the distribution of the amount spent on their first visit is approximately normal, find and interpret a 99% confidence interval for µ.

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Math   Statistics-And-Probability   
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