(See attached file for full problem description)
A major department store chain is interested in estimating the average amount its credit card customers spent on their first visit to the chain’s new store in the mall. Fifteen credit card accounts were randomly sampled and analyzed with the following results:
x = $50.00 and s(squared) = 400.
Assuming the distribution of the amount spent on their first visit is approximately normal, what is the shape of the samplingdistribution of the sample meanthat will be used to create the desired confidence intervalfor “u” ?
A. Approximately normal with a mean of $50.00
B. A standard normal distribution
C. A “t” distribution with 15 degrees of freedom
D. A “t” distribution with 14 degrees of freedom.
D. You are given the sample variance (s squared). The population …
This solution involves a brief explanation regarding the shape of the sampling distribution.