The Memphis Inn Hotel’s management team is interested in determining the mean dollars customers spent on hotel room stays during the past year. The team has hired L&D, Inc., to conduct the analysis. The population that the hotel would like to consider includes all guests who stayed there during the past year. You chose a simple random sample of 300 guests. You will develop a 95 percent confidence interval estimate. You found the following:

a. Determine the standard error of the sampling distribution.

b. Determine the critical value, z, from the standard normal table.

Question

The Memphis Inn Hotel’s management team is interested in determining the mean dollars customers spent on hotel room stays during the past year. The team has hired L&D, Inc., to conduct the analysis. The population that the hotel would like to consider includes all guests who stayed there during the past year. You chose a simple random sample of 300 guests. You will develop a 95 percent confidence interval estimate. You found the following: 
 
a. Determine the standard error of the sampling distribution.


b. Determine the critical value, z, from the standard normal table.