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.

(a) What is the best point estimate of the population mean?dollars

For part (b) round your answer to 3 decimal places.

(b) What is the critical t-value that will need to be used to calculate the confidence interval?

For parts (b),(c), round your answer to the nearest dollar.

(c) What is the error

(d) What is the 99% confidence interval?

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