Question
A local college is wanting to estimate the average salary of its recent graduates. To do this, researchers surveyed 29 recent graduates and found that
A local college is wanting to estimate the average salary of its recent graduates. To do this, researchers surveyed 29 recent graduates and found that they had a mean salary of $49,433. From previous years, it is known that the salaries of recent graduates is normally distributed with a standard deviation of $7,713. Based on this, construct a 90% confidence interval for the true population mean of recent graduates' annual salaries. Use any z values rounded to 2 decimal places, t values rounded to 3 decimal places, and express your answers rounded to two decimal places. a) What is the point estimate for the population mean? b) What is the margin of error? c) The resulting 90% confidence interval is: ____<<___
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