SOLUTION: 11. The monthly incomes for 12 randomly selected people, each with a bachelor�s degree in economics, are shown below. Assume the population is normally distributed. 4450.36 4

Question 872469: 11. The monthly incomes for 12 randomly selected people, each with a bachelor�s degree in economics, are shown below.
Assume the population is normally distributed.
4450.36 4596.43 4366.26
4455.52 4151.31 4407.46
4283.11 4527.74 4407.46
3946.48 4023.48 4221.98
a. Find the sample mean.
b. Find the sample standard deviation.
c. Construct a 99% confidence interval for the population mean μ.

Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!



Hi

a) mean = 4319.80

b) SD = 199.83 (Using (n-1)

ME(99% Confidence Interval, df = 11) = 3.106*199.83/sqrt(12)

CI: CI: 4319.80 -ME < u <  4319.80 + ME 

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