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To better assess your willingness-to-pay for advertising on others'...

To better assess your willingness-to-pay for advertising on others' websites, you want to learn the mean profit per visit for all visits to your website. To accomplish this, you have collected a random sample of 4,738 visits to your website over the past six months. This sample includes information on visit duration and profits. The dataset attached below:

  1. Build a 99% confidence interval for the mean profit per visit for all of your visitors.
  2. Let the null hypothesis be that mean profit per visit for all of your visitors is $11.50.
  3. Calculate the corresponding t-stat for this null hypothesis.
  4. Calculate the corresponding p-value for this null hypothesis.
  5. With strength of 95%, decide whether or not to reject this null hypothesis.
  6. Detail the reasoning behind your decision.

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