The 92 million Americans of age 50 and over control 50 percent of all discretionary income. AARP

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The 92 million Americans of age 50 and over control 50 percent of all discretionary income. AARP estimates that the average annual expenditure on restaurants and carryout food was 1,868$ for individuals in this age group. Suppose this estimate is based on a sample of persons and that the sample standard deviation is 590$. Round your answers to the nearest whole numbers.

a. At confidence, 99% what is the margin of error?

b. What is the 99% confidence interval for the population mean amount spent on restaurants and carryout food?

c. What is your estimate of the total amount spent by Americans of age 50 and over on restaurants and carryout food?

million

Posted Date: May 17, 2024 06:00 PM

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The 92 million Americans of age 50 and over control 50 percent of all discretionary income. AARP

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