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A sample of 200 science professor annual salaries yielded a mean value of $60,000. If the...

A sample of 200 science professor annual salaries yielded a mean value of $60,000. If the variance of population salary is $225 million, answer the following questions at 99% confidence The Point Estimate is ..... The Standard error is ..... The Margin of Error is ..... The Critical Statistic is ...... The population mean is estimated to range from .......... to ........ in ...........% of the time

Expert Solution

Given that, sample size (n) = 200

sample mean = $60000 and

population variance = $225 million

1 million = 1000000

=> population standard deviation

standard error (SE) =

A 99% confidence level has significance level of 0.01 and critical value is,

Margin of error (E) is,

The 99% confidence interval for population mean is,

Hence,

The point estimate is $60000.

The standard error is 1060.6602.

The margin of error is 2731.20.

The critical statistic is 2.575

The population mean is estimated to range from 57268.80 to 62731.20 in 99% of the time.

Note : if you want answers rounded to nearest integer then,

The standard error is 1061

The margin of error is 2732

The critical statistic is 2.575

The population mean is estimated to range from 57268 to 62732 in 99% of the time.

milcah answered 1 month ago

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