Question

Question 1:

Almost all employees working for financial companies in New York City receive large bonuses at the end of the year. A sample of 63 employees selected from financial companies in New York City showed that they received an average bonus of $ 61 , 000 last year with a standard deviation of $ 16 , 000 . Construct a 98 % confidence interval for the average bonus that all employees working for financial companies in New York City received last year.

Round your answers to cents.

Question 2:

The high price of medicines is a source of major expense for those seniors in the United States who have to pay for these medicines themselves. A random sample of 1800 seniors who pay for their medicines showed that they spent an average of $ 4600 last year on medicines with a standard deviation of $ 600 . Make a 95 % confidence interval for the corresponding population mean.

Round your answers to cents.

Question 3:

A random sample of   n = 16 mid-sized cars tested for fuel consumption gave a mean of   x ¯ = 22.81 miles per gallon with a standard deviation of   s = 2.08 miles per gallon.

Assuming that the miles per gallon given by all mid-sized cars have a normal distribution, find a 99 % confidence interval for the population mean,   μ .

Round your answers to two decimal places.

Answer 1