STAT 370 Homework Chapter 12 How much money do people spend on graduation gifts? In 2016, the National Retail Federation surveyed 2511 consumers who reported that they bought one or more gradu- ation gifts in 2016. The sample was selected to be representative of adult Americans who purchased graduation gifts in 2016. For this sample, the mean amount spent per gift was $53.73. 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 2016. 1. What is the question type? (a) Estimation (b) Hypothesis Testing 2. What is the study type? (a) Experimental data (b) Sample data