Question

Consider a sample of 1,160 recently graduated business majors
selected in an SRS. The sample mean annual starting salary was
$49,898. Assume that the population standard deviation for starting
salary is $12,732. Using the appropriate critical value z*, find
the 99% confidence interval for the population mean for annual
starting salary. In your answer, type the ** upper
endpoint** of this confidence interval.

Round your answer to the nearest dollar.

Answer #1

Solution :

Given that,

Sample size = n = 1160

Z_{}
= 2.326

Margin of error = E = Z_{}*
(
/n)

= 2.326 * (12732 / 1160)

Margin of error = E = 870

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

+ E

49898 + 870

50768

**Upper endpoint: $50768**

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