Almost all employees working for financial companies in New York City receive large bonuses at the end of the year. A sample of 63employees selected from financial companies in New York City showed that they received an average bonus of $46,000 last yearwith a standard deviation of $21,000. Construct a 95% confidence interval for the average bonus that all employees working forfinancial companies in New York City received last year.Round your answers to cents.$ ito $ i The high price of medicines is a source of major expense for those seniors in the United States who have to pay for these medicinesthemselves. A random sample of 1600 seniors who pay for their medicines showed that they spent an average of $4300 last year onmedicines with a standard deviation of $500. Make a 90% confidence interval for the corresponding population mean.Round your answers to cents.$ ito $ i

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Description: Almost all employees working for financial companies in New York City receive large bonuses at the end of the year. A sample of 63employees selected from financial companies in New York City showed that they received an average bonus of $46,000 last

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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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Almost all employees working for financial companies in New York City receive large bonuses at the end of the year. A sample of 63
employees selected from financial companies in New York City showed that they received an average bonus of $46,000 last year
with a standard deviation of $21,000. Construct a 95% confidence interval for the average bonus that all employees working for
financial companies in New York City received last year.
Round your answers to cents.
$ i
to $ i

The high price of medicines is a source of major expense for those seniors in the United States who have to pay for these medicines
themselves. A random sample of 1600 seniors who pay for their medicines showed that they spent an average of $4300 last year on
medicines with a standard deviation of $500. Make a 90% confidence interval for the corresponding population mean.
Round your answers to cents.
$ i
to $ i

Expert Solution

Step 1

Obtain the 95% confidence interval for the average bonus that all employees working for financial companies in New York city received last year.

The 95% confidence interval for the average bonus that all employees working for financial companies in New York city received last year is obtained below:

The formula for the Confidence interval for mean is:

Obtain the degrees of freedom.

From the information, given that there is a sample of 63.

The degrees of freedom is obtained below:

Use EXCEL Procedure for finding the critical value of t.

Follow the instruction to obtain the critical value of t:

Open EXCEL
Go to Formula bar.
In formula bar enter the function as“=TINV”
Enter the probability as 0.05.
Enter the degrees of freedom as 62.
Click Enter.

EXCEL output:

From the EXCEL output, the critical value of t at the 0.05 level of significance with the 62 degrees of freedom is 1.998971

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