The Chartered Financial Analyst (CFA^®) designation is fast becoming a requireme

Question

The Chartered Financial Analyst (CFA^®) designation is fast becoming a requirement for serious investment professionals. Although it requires a successful completion of three levels of grueling exams, it also entails promising careers with lucrative salaries. A student of finance is curious about the average salary of a CFA® charterholder. He takes a random sample of 36 recent charterholders and computes a mean salary of $178,000 with a standard deviation of $44,000. Use this sample information to determine the 99% confidence interval for the average salary of a CFA^® charterholder. Use Table 2. (Round intermediate calculations to 4 decimal places, "t" value to 3 decimal places, and final answers to the nearest whole number.) Confidence interval

Explanation / Answer

Confidence interval for population mean is xbar ± tsn Where t is table value for given confidence level and Sn is sample standard deviation and Xbar is sample mean.

Therefor CI is -1089 to 36689

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