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Show all steps. A study of the pay of corporate chief executive officers examined the increase in cash compensation of the CEOs of 24 companies

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A study of the pay of corporate chief executive officers examined the increase in cash compensation of the CEOs of 24 companies in the year 2012. The mean increase was 6.9% and the standard deviation of the increases was 5.5%. Find a 99% confidence interval for the true increase in cash compensation of the CEOs of all companies in the year 2012 and interpret the result.

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