Since 1956, the National Association of Colleges and Employers (NACE) has been the leading source of information about the employment of college graduates. Data contained in the Winter 2021 Salary Survey report were obtained by randomly surveying NACE employer members from September 14, 2020, through November 30, 2020 to estimate the average starting salary of a college graduate. A total of 139 surveys found a sample mean of $53,889 with a standard deviation of $7,631. Use this information to estimate the average starting salary for college graduates. A) Find the number of degrees of freedom B) Find the t* value for the 99% Confidence level (answer to 3 decimal places). Find the 99% Confidence Interval for the average starting salary of a college graduate. Round to 2 decimals spaces.
Since 1956, the National Association of Colleges and Employers (NACE) has been the leading source of information about the employment of college graduates. Data contained in the Winter 2021 Salary Survey report were obtained by randomly surveying NACE employer members from September 14, 2020, through November 30, 2020 to estimate the average starting salary of a college graduate. A total of 139 surveys found a sample mean of $53,889 with a standard deviation of $7,631. Use this information to estimate the average starting salary for college graduates.
A) Find the number of degrees of freedom
B) Find the t* value for the 99% Confidence level (answer to 3 decimal places).
Find the 99% Confidence Interval for the average starting salary of a college graduate. Round to 2 decimals spaces.
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