Question

In: Statistics and Probability

The mean annual salary of a sample of 400 Chief Investment Officers (CIOs) in Canada is...

  1. The mean annual salary of a sample of 400 Chief Investment Officers (CIOs) in Canada is $215,620 with a standard deviation of $38,790. Calculate the margin of error and construct the 98% confidence interval for the true population mean salary for CIOs in Canada.

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Expert Solution

Solution

Given that,

= 215620

= 38790

n = 400

At 98% confidence level the z is ,

  = 1 - 98% = 1 - 0.98 = 0.02

/ 2 = 0.02 / 2 = 0.01

Z/2 = Z0.01= 2.326

Margin of error = E = Z/2* (/n)

= 2.326* (38790/ 400 )

= 4512

At 98% confidence interval estimate of the population mean is,

- E < < + E

215620 - 4512 < < 215620 + 4512

211108 < < 220132

(211108, 220132)

orchestra answered 2 years ago
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