4.14 Thanksgiving spending
the 2009 holiday retail season, which kicked off on November 27,2009 (the day after Thanksgiving), had been marked by somewhat lower self-reported consumer spending that was seen during the comparable period in 2008. To get an estimate of consumer spending, 436 randomly sampled American adults were surveyed. Daily consumer spending for the six-day period after Thanksgiving, spanning the Black Friday weekend and Cyber Monday, averaged $84.71 with a standard deviation of 2.24.
The conditions of independence and normality need to be met before constructing a confidence interval.
a) What aspects of this scenario establish independence?
b) What aspect of this scenario establishes normality?
c) Determine a 99% confidence interval for the data above.
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