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 $50,000 last year with a standard deviation of $25,000. 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. $Enter your answer; confidence interval, lower bound  to $Enter your answer; confidence interval, upper bound

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Q: Almost all employees working for financial companies in New York City receive large bonuses at the…

A: Given : n=63x¯=52000s=23000α=1-0.95=0.05We want to find 95% confidence interval for populaton mean.

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Q: Almost all employees working for financial companies in New York City receive large bonuses at the…

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Q: What is a 95% confidence interval for this mean?

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.