In the same scenario as 7.09, suppose you obtained a mean of $167 spent on transportation and a standard deviation of $40. Calculate a 95% confidence interval for the mean and select the values that come closest to those that would fill the spaces in the following interpretation: we can be 95% confident that they mean amount of money spent on transportation lies between and .'

(88.6, 245.4)

Step-by-step explanation:

Given that suppose you obtained a mean of $167 spent on transportation and a standard deviation of $40.

We are to calculate a 95% confidence interval for the mean

Assuming normal distribution we say critical value for 95% is 1.96

Margin of error = 1.96(std deviation)

= 78.40

Confidence interval = (Mean-margin of error, Mean + margin of error)

= (167-78.4, 167+78.4)

= (88.6, 245.4)