Question

Starting salaries of 64 college graduates who have taken a statistics course have a mean of $44,500 with a standard deviation of $6,800. Find a 99.7% confidence interval for ?. (NOTE: Do not use commas or dollar signs in your answers. Round each bound to three decimal places.)

Lower-bound: Upper-bound:

Answer 1

Solution :

Given that,

t /2,df = 3.087

Margin of error = E = t/2,df * (s /n)

= 3.087 * (6800 / 64)

Margin of error = E = 2623.950

The 99.7% confidence interval estimate of the population mean is,

- E < < + E

44500 - 2623.950 < < 44500 + 2623.950

41876.050 < < 47123.950

Lower-bound: 41876.050

Upper-bound: 47123.950