Question
In: Statistics and Probability
Starting salaries of 64 college graduates who have taken a statistics course have a mean of...
Starting salaries of 64 college graduates who have taken a statistics course have a mean of $43,500 with a standard deviation of $6,800. Find an 80% confidence interval for ? μ . (NOTE: Do not use commas or dollar signs in your answers. Round each bound to three decimal places.) Find upper and lower bounds.
Solutions
Expert Solution
Solution
Given that,
= 62.5
= 6800
n = 64
At 80% confidence level the z is ,
= 1 - 80% = 1 - 0.80 = 0.20
/ 2 = 0.20 / 2 = 0.10
Z/2
= Z 0.10 = 1.282
Margin of error = E = Z
/2*
(
= 1.282 * (6800 /
= 1089.312
At 80% confidence interval estimate of the population mean is,
- E < 
<
+ E
43500 - 1089.312 <
< 43500 + 1089.312
42410..681 <
< 44589.329
Lower bound = 42410.681
Lower bound= 44589.329
orchestra answered 2 years agoRelated Solutions
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