Box & Co is studying the 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 company would like answers to the following questions:

a)What is the population mean?(2 marks)

b)What is the reasonable range of values for the population mean if the company wants it to be 98% correct?(5 marks)

c)How do we interpret these results?(2 marks)