A university has 5,000 students. The manager of food services at the university is interested in determining the total lunch expenditure. A simple random sample of 121 lunch receipts was selected. The sample showed an average of $3 with a standard deviation of $0.40
a. Estimate the standard error of the sample mean.
b. Develop an approximate 95% confidence interval for the population mean.
c. Estimate the population's total expenditure for lunch.
d. Develop an approximate 95% confidence interval for the total expenditure for lunch.
a. 0.0359
b. 2.93 to 3.07 (rounded)
c. 15,000
d. 14,640.79 to 15, 359.21
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