A survey is conducted by the American Automobile Association to investigate the daily expense of a family of four while on vacation. Suppose that a sample of 64 families of four vacationing at Niagara Falls resulted in sample mean of $252.45 per day and a sample standard deviation of $74.50. a. Develop a 95% confidence interval estimate of the mean amount spent per day by a family offour visiting Niagara Falls. b. Develop a 99% confidence interval estimate of the mean amount spent per day by a family offour visiting Niagara Falls. c. What happens to the margin of error as the confidence level is increased from 95% to 99%?
A survey is conducted by the American Automobile Association to investigate the daily expense of a family of four
while on vacation. Suppose that a sample of 64 families of four vacationing at Niagara Falls resulted in sample mean of $252.45 per day and a sample standard deviation of $74.50.
a. Develop a 95% confidence interval estimate of the mean amount spent per day by a family offour visiting Niagara Falls.
b. Develop a 99% confidence interval estimate of the mean amount spent per day by a family offour visiting Niagara Falls.
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c. What happens to the margin of error as the confidence level is increased from 95% to 99%?
