MathStatisticsQ&A LibrarySalaries of 39 college graduates who took a statistics course in college have a mean, x of $63,300. Assuming a standard deviation σ, of $13,741 construct a 99% confidence interval for estimating the population mean μ.
standard deviation
The standard deviation of a random variable, sample, statistical population, data set, or probability distribution is the square root of its variance. It is algebraically simpler, though in practice less robust, than the average absolute deviation.
https://en.wikipedia.org › wiki › Standard_deviation
Question
Salaries of 39 39 college graduates who took a statistics course in college have a mean, x x , of $61,700 $ 61, 700 . Assuming a standard deviation, σ σ , of $19,411 $ 19, 411 , Construct a 90% 90 % confidence interval for the population mean μ μ .
Confidence Interval
In this question, a normal distribution is used to construct and calculate the 90% confidence interval for the population mean. A normal distribution is used because of the population standard deviation is known to us. An excel function NORMINV () is used to get the confidence coefficient.
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