Starting salaries of 64 college graduates who have taken a statistics course have a mean of $42,500 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.)
Solution :
sample size = n = 64
Degrees of freedom = df = n - 1 = 63
t
/2,df = 1.002
Margin of error = E = t/2,df
* (s /
n)
= 1.002 * (6800 /
64)
Margin of error = E = 851.7
The 68% confidence interval estimate of the population mean is,
- E <
<
+ E
42500 - 851.7 <
< 42500 + 851.7
41648.3 <
< 43351.7
Confidence interval = 41648.300 to 43351.700
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