Starting salaries of 64 college graduates who have taken a statistics course have a mean of $43,500 with a standard deviation of $6,800. Find a 68% confidence interval for μ. (NOTE: Do not use commas or dollar signs in your answers. Round each bound to three decimal places.)
We need to construct the 68% confidence interval for the population mean μ. The following information is provided:
|Sample Mean =||43500|
|Sample Standard Deviation =||6800|
|Sample Size =||64|
The critical value for α=0.32 and df=n−1=63 degrees of freedom is . The corresponding confidence interval is computed as shown below:
Therefore, based on the data provided, the 68% confidence interval for the population mean is 442647.986<μ<44352.014, which indicates that we are 68% confident that the true population mean μ is contained by the interval (42647.986, 44352.014)
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