Foxbees magazine published data on the best small firms in 2012. These publicly traded firms have a stock price of at least $5 per share and have reported annual revenue between Ş5 million and $1 billion. The data below shows the ages of the corporate CEOS for a random sample of these firms. 50 73 74 56| 71 49 55 45 36 39 51 61 72 54 63 44 63 64 55 66 42 69 74 58 42 40 48 50 47 70 62 74 72 54 57 62 65 37 41 46 55 67 58 74 58 63 57 62 51 40 R vector Copy to clipboard a What is the mean of the sample? tRound to 4 decimat ptaces) bIWhat-is the standard deviation of the sample mean or the standard error? decimat places) (Round to 4 c What is the sample size? (Round to whole number) d) What is the t critical value for a 99% confidence interval? (Round to 4 decimal places). e) What is the error bound or margin of error? (Round to 4 decimal places) f) What are the Lower and Upper limits for a 99% confidence interval? [ (Round to 4 decimal places)
Foxbees magazine published data on the best small firms in 2012. These publicly traded firms have a stock price of at least $5 per share and have reported annual revenue between Ş5 million and $1 billion. The data below shows the ages of the corporate CEOS for a random sample of these firms. 50 73 74 56| 71 49 55 45 36 39 51 61 72 54 63 44 63 64 55 66 42 69 74 58 42 40 48 50 47 70 62 74 72 54 57 62 65 37 41 46 55 67 58 74 58 63 57 62 51 40 R vector Copy to clipboard a What is the mean of the sample? tRound to 4 decimat ptaces) bIWhat-is the standard deviation of the sample mean or the standard error? decimat places) (Round to 4 c What is the sample size? (Round to whole number) d) What is the t critical value for a 99% confidence interval? (Round to 4 decimal places). e) What is the error bound or margin of error? (Round to 4 decimal places) f) What are the Lower and Upper limits for a 99% confidence interval? [ (Round to 4 decimal places)
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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The 99% confidence interval for the true mean age of CEOs for the best small firms, will signify that with 99% confidence the true mean age of CEOs will lie within that interval.
Since, population standard deviation is unknown, the sampling distribution can be assumed to follow student-t distribution and further t-confidence interval formula will be appropriate in this case.
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