MATH SOLVE

4 months ago

Q:
# Suppose that a manager is interested in estimating the average amount of money customers spend in her store. After sampling 36 transactions at random, she found that the average amount spent was $35.25. She then computed a 95% confidence interval to be between $31.84 and $38.66. Which statement gives a valid interpretation of the interval? The store manager is 95% confident that the average amount spent by the 36 sampled customers is between S31.84 and $38.66. There is a 95% chance that the mean amount spent by all customers is between $31.84 and $38.66. O There is a 95% chance that a randomly selected customer will spend between $31.84 and $38.66. The store manager is 95% confident that the average amount spent by all customers is between $31.84 and S3866

Accepted Solution

A:

Answer: The store manager is 95% confident that the average amount spent by all customers is between $31.84 and $38.66 . Step-by-step explanation:The interpretation of 95% confidence interval says that a person can be 95% confident that the true population mean lies in it.Given : After sampling 36 transactions at random, she found that the average amount spent was $35.25. She then computed a 95% confidence interval to be between $31.84 and $38.66. Interpretation: A person can be 95% confident that the true population mean amount spent by all customers is between $31.84 and $38.66. So, the valid interpretation of the interval would be :-The store manager is 95% confident that the average amount spent by all customers is between $31.84 and $38.66 .