The amount of dollars that a Canadian household spends per year on insurance is normally distributed with a standard deviation of $1850. A random sample of 15 households in Canada was selected and the following annual insurance expenditures were obtained:

5643 6574 8756 8453 6754

4350 3467 9845 6785 4376

6751 7412 9750 2345 6534.

1.Determine the point estimator of the average amount spent by all Canadian households on insurance. 2. Construct the 99% confidence interval of the average amount spent by all Canadian households on insurance. Interpret this result.