How much money do people spend on graduation gifts In
How much money do people spend on graduation gifts? In 2007, the National Retail Federation ( surveyed 2815 consumers who reported that they bought one or more graduation gifts that year. The sample was selected in a way designed to produce a sample representative of adult Americans who purchased graduation gifts in 2007. For this sample, the mean amount spent per gift was $55.05. Suppose that the sample standard deviation was $20. Construct and interpret a 98% confidence interval for the mean amount of money spent per graduation gift in 2007.
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