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Example 3:The American Management Association is studying the income of store managers in the retail industry....

Example 3:The American Management Association is studying the income of store managers in the retail industry. A random sample of 49 managers reveals a sample mean of $45,420. The standard deviation of the population is $2,050. 1. What is the population mean? 2. What is a reasonable range of values for the population mean at 95% confidence level? 3. How do we interpret these results?

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