The Chartered Financial Analyst (CFA) designation is fast becoming a requirement for serious investment professionals. Although it requires a successful completion of three levels of grueling exams, it also entails promising careers with lucrative salaries. A student of finance is curious about the average salary of CFA charterholders in Toronto. He takes a random sample of 56 charterholders and computes a mean salary of $86,200 with a standard deviation of $5,050. Use this sample information to find a 99% confidence interval for the average salary of CFA charterholders in Toronto. Assume that the values are approximately normally distributed. Use t-distribution. Round to the nearest dollar.
The Chartered Financial Analyst (CFA) designation is fast becoming a requirement for serious investment professionals. Although it requires a successful completion of three levels of grueling exams, it also entails promising careers with lucrative salaries. A student of finance is curious about the average salary of CFA charterholders in Toronto. He takes a random sample of 56 charterholders and computes a mean salary of $86,200 with a standard deviation of $5,050. Use this sample information to find a 99% confidence interval for the average salary of CFA charterholders in Toronto. Assume that the values are approximately normally distributed. Use t-distribution. Round to the nearest dollar.
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