According to a recent article in USA Today, Americans spend $484 per year on alcoholic beverages. As a market research firm for a local wine distributor, you have accessed data on a random sample of 150 Boston residents to see if their spending is higher than average, and perhaps a good area for your client to make a local investment. The average spending in the sample is $404, with a standard deviation of $102. Does this represent a significant difference? Determine this using a 95% confidence level.

According to a recent article in USA Today, Americans spend $484 per year on alcoholic beverages. As a market research firm for a local wine distributor, you have accessed data on a random sample of 150 Boston residents to see if their spending is higher than average, and perhaps a good area for your client to make a local investment. The average spending in the sample is $404, with a standard deviation of $102. Does this represent a significant difference? Determine this using a 95% confidence level.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section10.4: Distributions Of Data

Problem 19PFA

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Question

According to a recent article in USA Today, Americans spend $484 per year on alcoholic beverages. As a market research firm for a local wine distributor, you have accessed data on a random sample of 150 Boston residents to see if their spending is higher than average, and perhaps a good area for your client to make a local investment. The average spending in the sample is $404, with a standard deviation of $102. Does this represent a significant difference? Determine this using a 95% confidence level.

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