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Actuary Exams A survey of 35 individuals who passed the seven exams and obtained the rank of Fellow in the actuarial field finds the average salary to be $150,000. If the standard deviation for the population is $15,000, construct a 95% confidence interval for all Fellows. Source: www.BeAnActuary.org 145,030 154,970

Actuary Exams A survey of 35 individuals who passed the seven exams and obtained the rank of Fellow in the actuarial field finds the average salary to be $150,000. If the standard deviation for the population is $15,000, construct a 95% confidence interval for all Fellows. Source: www.BeAnActuary.org 145,030 154,970

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Construct a 95% confidence interval for all Fellows.
**Actuary Exams** A survey of 35 individuals who passed the seven exams and obtained the rank of Fellow in the actuarial field finds the average salary to be $150,000. If the standard deviation for the population is $15,000, construct a 95% confidence interval for all Fellows. Source: www.BeAnActuary.org The confidence interval for the mean salary is calculated to be \(145,030 < \mu < 154,970\). **Explanation of the Confidence Interval:** - The confidence interval is a range of values, computed from the sample data, that is likely to contain the true population mean. - In this scenario, with a 95% confidence level, we are saying that we are 95% confident that the true average salary of all actuarial Fellows falls between $145,030 and $154,970.
Transcribed Image Text:**Actuary Exams** A survey of 35 individuals who passed the seven exams and obtained the rank of Fellow in the actuarial field finds the average salary to be $150,000. If the standard deviation for the population is $15,000, construct a 95% confidence interval for all Fellows. Source: www.BeAnActuary.org The confidence interval for the mean salary is calculated to be \(145,030 < \mu < 154,970\). **Explanation of the Confidence Interval:** - The confidence interval is a range of values, computed from the sample data, that is likely to contain the true population mean. - In this scenario, with a 95% confidence level, we are saying that we are 95% confident that the true average salary of all actuarial Fellows falls between $145,030 and $154,970.
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