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The American Management Association wishes to have information on the mean income of store managers in the retail industry. A random sample of 49 managers reveals a sample mean of $45,420. The standard deviation of this population is $2,050. The association would like answers to the following questions: a) What is the population mean? b) c) What is a reasonable range of values for the population mean? How do we interpret these results? Construct a 95% confidence interval

The American Management Association wishes to have information on the mean income of store managers in the retail industry. A random sample of 49 managers reveals a sample mean of $45,420. The standard deviation of this population is $2,050. The association would like answers to the following questions: a) What is the population mean? b) c) What is a reasonable range of values for the population mean? How do we interpret these results? Construct a 95% confidence interval

MATLAB: An Introduction with Applications
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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Please answer the following question Using EXCEL: 

The American Management Association wishes to have information on the mean income of store managers in the retail industry. A random sample of 49 managers reveals a sample mean of $45,420. The standard deviation of this population is $2,050. The association would like answers to the following questions: a) What is the population mean? b) c) What is a reasonable range of values for the population mean? How do we interpret these results? Construct a 95% confidence interval
Transcribed Image Text:The American Management Association wishes to have information on the mean income of store managers in the retail industry. A random sample of 49 managers reveals a sample mean of $45,420. The standard deviation of this population is $2,050. The association would like answers to the following questions: a) What is the population mean? b) c) What is a reasonable range of values for the population mean? How do we interpret these results? Construct a 95% confidence interval
Expert Solution
Step 1

Given Information:

Sample size n=49

Sample mean x¯=45420

Population standard deviation σ=2050

 

 

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