Question
Nancy Joon, Inc. has 1500 employees. A simple random sample of 81 employees was selected, and...
Nancy Joon, Inc. has 1500 employees. A simple random
sample of 81 employees was selected, and the
individuals in the sample were asked how much they contribute
(monthly) to their retirement accounts.
The sample mean, , was $150 with a standard deviation, s, of
$45.
a. Estimate the standard error of the mean.
b. Develop an approximate 95% confidence interval for the
population mean.
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