Question 23 In a survey sample of 1,000 respondents, the mean annual salary is $32,245, with a standard deviation of 4021.54. Questions (number as follows): 1. Calculate and interpret 95% confidence interval (both upper and lower limit) for these data. 2. Calculate and interpret 99% confidence interval (both upper and lower limit) for these data. 3. Which confidence interval would be best to report and why? 10 pts

MATLAB: An Introduction with Applications
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ISBN:9781119256830
Author:Amos Gilat
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Chapter1: Starting With Matlab
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Question 23
In a survey sample of 1,000 respondents, the mean annual salary is $32,245, with a standard deviation of 4021.54.
Questions (number as follows):
1. Calculate and interpret 95% confidence interval (both upper and lower limit) for these data.
2. Calculate and interpret 99% confidence interval (both upper and lower limit) for these data.
3. Which confidence interval would be best to report and why?
10 pts
Transcribed Image Text:Question 23 In a survey sample of 1,000 respondents, the mean annual salary is $32,245, with a standard deviation of 4021.54. Questions (number as follows): 1. Calculate and interpret 95% confidence interval (both upper and lower limit) for these data. 2. Calculate and interpret 99% confidence interval (both upper and lower limit) for these data. 3. Which confidence interval would be best to report and why? 10 pts
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