Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A random sample of 20 department stores of Maximus Pty Ltd was selected as part of a study on the average advertising expenses , and
A random sample of 20 department stores of Maximus Pty Ltd was selected as part of a study on the average advertising expenses, and the expense amounts were recorded for each individual store in the sample.
The sample average advertising expense was found to be = 65.9 ($000).
a. Assuming that the advertising expenses is normally distributed with a sample standard deviation of 8.5($000), calculate a 95% confidence interval for the mean advertising expenses.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started