• How much money do people spend on graduation gifts? In 2007, a federation surveyed 2815 consumers who reported that they bought one or more graduation gifts that year. The sample was selected in a way designed to produce a sample representative of adult Americans who purchased graduation gifts in 2007. For this sample, the mean amount spent per gift was $53.45. Suppose that the sample standard deviation was $20. Construct a 98% confidence interval for the mean amount of money spent per graduation gift in 2007. (Round your answers to three decimal places.) ( 1 Incorrect: Your answer is incorrect. , 2 Incorrect: Your answer is incorrect. )