Question: A sample of 20 international students attending an urban U.S. university found that the average amount budgeted for expenses per month was $1612.50 with a standard deviation of $1179.64 Find a 95% confidence interval for the mean monthly expense budget of the population of international students. Use the appropriate formula and verify your result using the Confidence Intervals workbook
| Confidence Interval for Population Mean, Standard Deviation Known |
|
|
| Alpha |
0.05 |
| Standard deviation |
15 |
| Sample size |
25 |
| Sample average |
796 |
|
|
| Confidence Interval |
95% |
| Error |
5.879892 |
| Lower |
790.1201 |
| Upper |
801.8799 |