SOLUTION: A sample of 68 college students yields a mean annual income of $3248 and a standard deviation of $885. Find the margin of error in estimating μ at the 99% level of confidence?

SOLUTION: A sample of 68 college students yields a mean annual income of $3248 and a standard deviation of $885. Find the margin of error in estimating μ at the 99% level of confidence?

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Question 1158484: A sample of 68 college students yields a mean annual income of $3248 and a standard deviation of $885. Find the margin of error in estimating μ at the 99% level of confidence?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
margin of error is t(0.995 df=67)*s/sqrt(n)
t=2.65
the margin of error is 2.65*885/sqrt(68)=$284.40
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