Question

In: Statistics and Probability

The sample mean salary of 500 NBA players is 7 million dollars. We also know that...

The sample mean salary of 500 NBA players is 7 million dollars. We also know that the population standard deviation is 1 million dollars. We want to construct a confidence interval for population mean with 95% confidence. What will be the length of our confidence interval (in terms of million dollars)?

Solutions

Expert Solution

7   1.96 ( 1 / 500 )

7   0.0877

( 6.9123 , 7.0877 )

At 95 % CI for population Mean is ( 6.9123 , 7.0877 )

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Length of the interval is = upper confidence Interval - lower Confidence Interval

Length of the interval is = 7.0877 - 6.9123

Length of the interval is = 0.1754 Million doller

orchestra answered 2 years ago
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