A company’s internal audit department randomly sampled 121 employee business travel reimbursement requests as part of an ongoing program to control and manage travel expenses. The dollar amounts for the sampled travel reimbursement requests are contained in the file titled Travel. As a part of its analysis, the internal audit department would like to estimate the population mean reimbursement request for the company.
a. Calculate the sample mean for the sampled travel reimbursement requests.
b. Calculate the sample standard deviation for the sampled travel reimbursement requests.
c. Compute the margin of error for a 95% confidence interval estimate for the true population mean for travel reimbursement requests for this company.

d. State the 95% confidence interval estimate for the true population mean for travel reimbursement requests for this company.

e. In its final report, the internal audit department stated that based on its analysis of the sampled travel reimbursement requests, “95% of all submitted requests for travel reimbursement were for values between the limits found in part d.” Is this a correct interpretation of the confidence interval that was calculated? If this statement is not correct, rewrite it in a form that is correct.