Salaries of 45 college graduates who took a statistics course in college have a mean, x, of $61,400. Assuming a standard deviation, σ, of $19,899, construct a 90% confidence interval for estimating the population mean μ.

Salaries of 45 college graduates who took a statistics course in college have a mean, x, of $61,400. Assuming a standard deviation, σ, of $19,899, construct a 90% confidence interval for estimating the population mean μ.

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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Question

Salaries of

college graduates who took a statistics course in college have a mean,

$61,400.

Assuming a standard deviation,

σ,

$19,899,

construct a

90%

confidence interval for estimating the population mean

μ.

Definition Definition Method in statistics by which an observation’s uncertainty can be quantified. The main use of interval estimating is for describing a range that is made by transforming a point estimate by determining the range of values, or interval within which the population parameter is likely to fall. This range helps in measuring its precision.

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