ACCT 2001: Chapter 8

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 a CFA charterholder. He takes a random sample of 16 recent charterholders and computes a mean salary of $132,000 with a standard deviation of $28,000. Use this sample information to determine the 95% confidence interval for the average salary of a CFA charterholder. (You may find it useful to reference the t table. Round final answers to the nearest whole number.)