Runzheimer International publishes results of studies on overseas business travel costs. Suppose as a part of one of these studies the following per diem travel accounts (in dollars) are obtained for 14 business travelers staying in Johannesburg, South Africa. Use these data to construct a 98% confidence interval to estimate the average per diem expense for business people traveling to Johannesburg. What is the point estimate? Assume per diem rates for any locale are approximately normallydistributed.

Transcribed Image Text:

142.59 148.48 159.63 171.93 146.90 168.87 141.94 159.09 156.32 142.49 129.28 51.56 132.87 178.34