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?
What will be an ideal response?
| 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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What will be an ideal response?
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