Question

Salaries of 34 college graduates who took a statistics course in college have a​ mean, x overbar​, of $ 68 comma 500. Assuming a standard​ deviation, sigma​, of ​$12 comma 046​, construct a 99​% confidence interval for estimating the population mean mu. Click here to view a t distribution table.LOADING... Click here to view page 1 of the standard normal distribution table.LOADING... Click here to view page 2 of the standard normal distribution table.LOADING... ​$ nothingless than muless than​$ nothing ​(Round to the nearest integer as​ needed.)

Answer 1

Solution :

Given that,

Z_/2 = 2.576

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

= 2.576 * (12046 / 34)

= 5322

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

- E < < + E

68500 - 5322 < < 68500 + 5322

63178 < < 73822