Respuesta :
Answer:
The 99% confidence interval for estimating the population mean μ is ($60,112.60, $68087.40).
Step-by-step explanation:
The complete question is:
Salaries of 42 college graduates who took a statistics course in college have a mean, [tex]\bar x[/tex] of, $64, 100. Assuming a standard deviation, σ of $10,016 construct a 99% confidence interval for estimating the population mean μ.
Solution:
The (1 - α)% confidence interval for estimating the population mean μ is:
[tex]CI=\bar x\pm z_{\alpha/2}\frac{\sigma}{\sqrt{n}}[/tex]
The critical value of z for 99% confidence interval is:
[tex]z_{\alpha/2}=z_{0.01/2}=z_{0.005}=2.57[/tex]
Compute the 99% confidence interval for estimating the population mean μ as follows:
[tex]CI=\bar x\pm z_{\alpha/2}\frac{\sigma}{\sqrt{n}}[/tex]
[tex]=64100\pm 2.58\times\frac{10016}{\sqrt{42}}\\\\=64100+3987.3961\\\\=(60112.6039, 68087.3961)\\\\\approx (60112.60, 68087.40)[/tex]
Thus, the 99% confidence interval for estimating the population mean μ is ($60,112.60, $68087.40).
