Salaries of 11 college graduates who took a statistics course in college have a mean of $78,782 and a standard deviation of $1,114. Assume that prior studies have shown that the standard deviation of salaries of college graduates who have taken a statistics course in college is $2000. Construct a 98% confidence interval for estimating the population mean. Enter the upper bound of the confidence interval. (Round your answer to nearest whole dollar.)
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
Salaries of 11 college graduates who took a statistics course in college have a mean of $78,782 and a standard deviation of $1,114. Assume that prior studies have shown that the standard deviation of salaries of college graduates who have taken a statistics course in college is $2000. Construct a 98% confidence
Enter the upper bound of the confidence interval. (Round your answer to nearest whole dollar.)
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