For many florists, the days leading up to Valentine's Day areamong the busiest of the year. An owner of a florist wanted toestimate the average sale amount for all sales made on the daybefore Valentine's Day, February 13th. When she had time she wrotedown the sale price of a transaction of fresh flowers on a sheet ofpaper. By 3pm she had collected n=41 sale prices of all flowersales that were made day. The variable of interest is the totaleuro amount of each purchase. During her quick tea-break shecalculated the average sale price of the 41 sales as 76.45 euro andfound that they varied with a standard deviation of 22.41 euro.
Estimate the value of the population mean, µ, the true mean saleamount of all sales on February 13, by calculating a 95% confidenceinterval. Fill in the blanks in the following:
An estimate of the population mean is _________
.
The standard error is __________
.
The distribution is ____________ (examples: normal / t12 /chisquare4 / F5,6).
For a 95% confidence interval the distributional cut-off is__________
It is quite likely that the true mean sale amount of all saleson February 13 is between ___________ and ____________ ,with 95%confidence.
