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
==============
Cheers,
Stan H.
|
|
|
