SOLUTION: An economics professor randomly selected 25 millionaires in the United States. The average age of these millionaires was 54.8 years with a sample standard deviation of 7.9 years.

Question 741964: An economics professor randomly selected 25 millionaires in the United States. The average age of these millionaires was 54.8 years with a sample standard deviation of 7.9 years. What is the 99% confidence interval for the mean age, �, of all United States millionaires?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
An economics professor randomly selected 25 millionaires in the United States. The average age of these millionaires was 54.8 years with a sample standard deviation of 7.9 years. What is the 99% confidence interval for the mean age, �, of all United States millionaires?
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x-bar = 54.8
ME = 2.5758*7.9/sqrt(25) = 4.070
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99% CI: 54.8-4.070 < u < 54.8+4.070
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Cheers,
Stan H.
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