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Salaries of 47 47 college graduates who took a statistics course in college have a​ mean,...

Salaries of 47 47 college graduates who took a statistics course in college have a​ mean, x overbar x​, of $ 63 comma 400 $63,400. Assuming a standard​ deviation, sigma σ​, of ​$ 11 comma 850 11,850​, construct a 99 99​% confidence interval for estimating the population mean mu μ.

Math   Statistics-And-Probability   
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Answer #1

Solution :

Given that,

Z/2 = 2.576

Margin of error = E = Z/2* ( /n)

= 2.576 * (11850 / 47)

= 4453

At 99% confidence interval estimate of the population mean is,

- E < < + E

63400 - 4453 < < 63400 + 4453

58947 < < 67853

(58947 , 67853)

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