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You will want to calculate the 95% confidence interval given a sample mean of $300, population standard deviation of $51, and a sample size of 100.

You will want to calculate the 95% confidence interval given a sample mean of $300, population standard deviation of $51, and a sample size of 100.

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter3: Linear And Nonlinear Functions
Section3.7: Piecewise And Step Functions
Problem 30PPS
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You will want to calculate the 95% confidence interval given a sample mean of $300, population standard deviation of $51, and a sample size of 100.

Marketing Manager, Promoting tourism starts by understanding our travelers. Previously, we’ve used national surveys to approximate what travelers to Savannah are like. For example, a survey conducted by the American Automobile Association (AAA) showed that nationwide a family of four spends an average of $215 per day while on vacation. But recently we’ve been concerned that these nationwide approximates do not accurately reflect tourism to Savannah. Thus, we recently conducted a survey of 100 families of four who traveled to Savannah, finding an average daily amount spent of $300. Based upon a similar survey done before for Savannah, we are assuming a population standard deviation of $51. I need your help to figure out whether spending by tourists to Savannah is different than the nationwide estimates reported by AAA. Specifically, I need you to develop a 95% confidence interval estimate of the mean amount spent per day by a family of four visiting Savannah. Based on the confidence interval you calculate, does it appear that the population mean amount spent per day by families visiting Savannah differs from the mean reported by the American Automobile Association (AAA)? Overall, should we start trying to do more surveys of Savannah tourists rather than rely on nationwide estimates? Thanks, Sandy Beech
Transcribed Image Text:Marketing Manager, Promoting tourism starts by understanding our travelers. Previously, we’ve used national surveys to approximate what travelers to Savannah are like. For example, a survey conducted by the American Automobile Association (AAA) showed that nationwide a family of four spends an average of $215 per day while on vacation. But recently we’ve been concerned that these nationwide approximates do not accurately reflect tourism to Savannah. Thus, we recently conducted a survey of 100 families of four who traveled to Savannah, finding an average daily amount spent of $300. Based upon a similar survey done before for Savannah, we are assuming a population standard deviation of $51. I need your help to figure out whether spending by tourists to Savannah is different than the nationwide estimates reported by AAA. Specifically, I need you to develop a 95% confidence interval estimate of the mean amount spent per day by a family of four visiting Savannah. Based on the confidence interval you calculate, does it appear that the population mean amount spent per day by families visiting Savannah differs from the mean reported by the American Automobile Association (AAA)? Overall, should we start trying to do more surveys of Savannah tourists rather than rely on nationwide estimates? Thanks, Sandy Beech
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