Salaries of 45 college graduates who took a statistics course in college have a mean, overbar x, of comma $65,500. Assuming a standard deviation, sigmaσ, of $14 comma 14,971, construct a 99% confidence interval for estimating the population mean μ.
$ less than< μless than<$
Sample mean = = 65,500
Population standard deviation = = 14,971
Confidence level = 0.99
Level of significance = = 1-0.99 = 0.01
The critical value Zc = 2.576 ...Using excel, =NORMSINV(1-(0.01/2))
The 99% confidence interval for population mean is,
Hence, 99% confidence interval is 59751.406 71248.594
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