Also, find the 95% confidence interval for the mean time required to graduate for all college graduates! ### Estimating Graduation Time for College GraduatesData on 4500 college graduates show that the mean time required to graduate with a bachelor's degree is 6.35 years with a standard deviation of 1.73 years. Use a single value to estimate the mean time required to graduate for all college graduates. Also, find the 95% confidence interval for the mean time required to graduate for all college graduates.⁞⁞⁞The estimate for the mean time required to graduate for all college graduates is [ ] years.(Round to two decimal places as needed.)

Given data: n = 4500 Mean(x-bar) = 6.35 years Standard deviation =1.73 years Confidence level = 95%

Answered: Data on 4500 college graduates show…

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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Also, find the 95% confidence interval for the mean time required to graduate for all college graduates!

### Estimating Graduation Time for College Graduates

Data on 4500 college graduates show that the mean time required to graduate with a bachelor's degree is 6.35 years with a standard deviation of 1.73 years. Use a single value to estimate the mean time required to graduate for all college graduates. Also, find the 95% confidence interval for the mean time required to graduate for all college graduates.

⁞⁞⁞
The estimate for the mean time required to graduate for all college graduates is [ ] years.
(Round to two decimal places as needed.)

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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