Question

A marketing company wishes to establish an estimate of the average salary for middle managers in the retail industry. Results of a random study on middle management salaries is contained are contained below (sample is also contained in the DATA 3 tab of the downloaded Excel file). Construct a 99% confidence interval for the population mean.

Sample of Middle Management Salaries in Retail Industry
83,700.00	84,200.00	82,400.00	84,700.00	71,700.00	74,000.00	40,100.00	71,600.00	70,400.00	62,700.00	78,100.00	88,300.00
61,600.00	60,300.00	88,600.00	69,700.00	55,600.00	53,800.00	77,100.00	59,900.00	58,600.00	57,000.00	70,200.00	57,500.00
52,500.00	40,600.00	45,900.00	81,100.00	41,100.00	88,800.00	88,500.00	64,900.00	53,400.00	74,800.00	47,800.00	63,200.00
76,300.00	84,500.00	70,400.00	46,600.00	73,600.00	81,400.00	78,500.00	73,600.00	47,600.00	69,800.00	86,500.00	63,700.00
62,700.00	81,300.00	56,600.00	88,100.00	41,700.00	77,300.00	69,400.00	55,200.00	52,300.00	87,300.00	52,400.00	88,300.00
53,700.00	86,900.00	78,400.00	49,800.00	55,000.00	49,000.00	88,300.00	54,700.00	87,400.00	60,500.00	45,400.00	50,600.00
71,500.00	49,600.00	50,900.00	45,200.00	69,900.00	66,300.00	51,700.00	71,700.00	49,300.00	40,800.00	43,200.00	88,900.00
45,400.00	63,200.00	65,600.00	47,400.00	49,100.00	60,800.00	61,200.00	88,500.00	52,300.00	59,500.00	47,900.00	77,300.00
43,700.00	48,800.00	89,300.00	75,100.00	53,000.00	59,400.00	58,600.00	86,900.00	87,000.00	71,800.00	67,000.00	53,100.00
71,500.00	49,400.00	74,400.00	66,400.00	55,100.00	44,700.00	71,600.00	51,700.00	40,900.00	68,500.00	73,400.00	67,000.00
89,300.00	62,600.00	71,900.00	49,500.00	54,600.00	47,400.00	51,400.00	84,600.00	70,700.00	50,800.00	65,700.00	89,600.00

Answer 1