Asked by Elena

Suppose we would like to estimate the mean amount of money spent on books by students in the fall semester. We have the following data from 400 randomly selected students: mean=$205 and s=$40. Assume that the amount spent on books by students is normally distributed. Compute a 99% confidence level for the population mean.
Answered by PsyDAG
Find table in the back of your statistics text labeled something like "areas under normal distribution" to find the proportion/probability (.005) and its Z score.

99% = mean ± 2.575 SEm

SEm = SD/√n
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