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

Algebra ->  Probability-and-statistics -> 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      Log On


   

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) About Me  (Show Source):
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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