The Human Relations Department of Smallville Co. would like to include a dental plan as part of its

The Human Relations Department of Smallville Co. would like to include a dental plan as part of its benefits package. The question is, how much does a typical employee and his/her family spend on annual dental expenses? A sample of 45 employees reveals the mean amount spent last year was $1,820 with a standard deviation of $660. Assume a normal distribution of annual dental expenses.
A) Construct a 95% or .95 confidence interval estimate for the population mean.
B) The information from part A, above, was given to the President who indicated the Company could afford $1,700 per year. Is it possible the population mean could be $1,700? Justify your answer.

 

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