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)

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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 $5 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?
HRound to 4 decimat ptaces
bWhat is the standard deviation ef the sample mean or the standard error?
decimat places)
(Round to 4
What is the sample size?
(Round to whole numbert
7 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)
Transcribed Image Text: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 $5 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? HRound to 4 decimat ptaces bWhat is the standard deviation ef the sample mean or the standard error? decimat places) (Round to 4 What is the sample size? (Round to whole numbert 7 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)
Expert Solution
Step 1

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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