The Human Relations Department of Electronics, Inc, would like to comprise a dental plan as part of benefits package. The problem is: How much does a typical employee and his or her family spends for each year on dental expenses? A sample of 45 employee reveals the mean amount spend last year was $1,820, with the standard deviation of $ 660.
a. Develop a 95 percent confidence interval for population mean.
b. The information from part (a) was given to president of Electronics, Inc. He points out he could afford $1,700 of dental expenses per employee. Is it possible that population mean could be $1,700? Justify your answer.