In: Statistics and Probability
It is estimated that the average annual expenditure on restaurants and takeout food is $2,573 per househld in the US. Suppose this estimate is based on a sample of 80 household and that the population standard deviation is $650.
a)What is the 95% confidence interval for the population mean amount spent on restaurants and carryout food?
b)What is the 99% confidence interval for the population mean amount spent on restaurants and carryout food?
how do you do this on excel?