In a survey of 53 randomly selected patrons of a shopping mall, the mean amount of currency

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In a survey of 53 randomly selected patrons of a shopping mall, the mean amount of currency carried is $42 with a standard deviation of $78.

What is the 95% confidence interval for the mean amount of currency carried by mall patrons? Show your calculation of the standard error, lower value and upper value.

Develop a 95% prediction interval for the amount of currency carried by mall patrons.

Explain the difference between a confidence interval and a prediction interval.

Related Book For answer-question

Business Statistics in Practice

ISBN: 978-0077404741

6th edition

Authors: Bruce Bowerman, Richard O'Connell

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Posted Date: Apr 01, 2022 08:29 AM

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In a survey of 53 randomly selected patrons of a shopping mall, the mean amount of currency

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ANSWER The prediction interval predicts in what range a future individual observation will fall whil... View the full answer

Business Statistics in Practice

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