Question

In making the decision to return to school for an MBA, prospective students desire to know the time it will take to recoup their investment (forgone wages plus tuition and other direct costs). The time it will take to recoup their investment is normally distributed. You are in charge of estimating this time for a brochure advertising an MBA program at UCLA. You randomly sample 20 past UCLA MBA students and find that the sample average is 3.61 years with a standard deviation of 0.63 years. An 80% confidence interval for the mean time it takes UCLA MBA students to recoup their educational investment is

		(3.25, 3.97).
		(3.42, 3.80).
		(3.32, 3.90).
		(3.37, 3.85).
		not determinable with the information given.

Answer 1