Salaries of 50 college graduates who took a statistics course in collage have a

Question

Salaries of 50 college graduates who took a statistics course in collage have a mean of $63,600. Assuming a standard deviation of $12,742, construct a 99% confidence interval for estimating the population mean. Round to the nearest integer as needed. Salaries of 50 college graduates who took a statistics course in collage have a mean of $63,600. Assuming a standard deviation of $12,742, construct a 99% confidence interval for estimating the population mean. Round to the nearest integer as needed.

Explanation / Answer

The formula for estimation is:

= M ± Z(sM)

where:

M = sample mean
Z = Z statistic determined by confidence level
sM = standard error = (s2/n)

M = 63600
Z = 2.58
sM = (127422/50) = 1801.99

= M ± Z(sM)
= 63600 ± 2.58*1801.99
= 63600 ± 4649.13

=> 63600 - 4649.13 < mu < 63600 + 4649.13

=> 58950.88 < mu < 68249.14

99% confident that the population mean () falls between 58950 and 68249 (when round up answer).

Related Questions

Navigate

• Browse (All)
• Browse S
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.