A random sample of 81 credit sales in a department store showed an average sale of $68.00 . From past data, it is known that the standard deviation of the population is $27.00
a. Determine the standard error of the mean.
b. With a .95 probability, what can be said about the size of the margin of error?
c. What is the 95% confidence interval of the population mean?
a. 3.0
b. There is a .95 probability that the sample mean will provide a margin of error of 5.88 or less.
c. $62.12 to $73.88
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