• A college raises funds for its scholarships and awards. Past years’ data are shown in the following table. Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 $1000 10.2 10.8 10.9 11.2 10.8 9.9 15.2 10.2 14.1 10.3 11.2 13.3 11.5 12.8 It is assumed that the amount of the raised fund in each year follows normal distribution. From the above table, the calculated mean of the funds raised in these 14 years is 11.6 and the calculated sample standard deviation is 1.62. 
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• Required:
  
• 1) The college fundraiser would like to see if they can expect to generate more than $12,000 each year in the future based on their past experiences. Use hypothesis testing to determine if such expectation is realistic with the error of “1 out of 20”. 
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• 2) Calculate the confidence interval for the mean value of the raised funds also with the error of “1 out of 20”
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1 We will use a twosided hypothesis test with a significance level of ... View the full answer