SOLUTION: The study stated that 22 security heads responded to the survey and their average total yearly compensation was $94,800 with a standard deviation of $10,400. What is the error o

Question 299746: The study stated that 22 security heads responded to the survey and their average total yearly compensation was $94,800 with a standard deviation of $10,400.
What is the error of the interval for estimating the mean salary of security heads (using a 95% level of confidence)?
The error of the interval is +/- $
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
The study stated that 22 security heads responded to the survey and their average total yearly compensation was $94,800 with a standard deviation of $10,400.
What is the error of the interval for estimating the mean salary of security heads (using a 95% level of confidence)?
The error of the interval is +/- $
------------
Since the problem is about means, use a T-interval.
standard error = [invT(.975,21)]*10400/sqrt(22) = 2.0796*2217.29
= 4611.08
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Cheers,
Stan H.

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