An economics professor randomly selected 100 millionaires in the us. The average

Question

An economics professor randomly selected 100 millionaires in the us. The average age of these millionairs was 52.1 years with a standard deviation of 12.3 years. What is the a 95% confidence interval for the average days worked of all payroll departments An economics professor randomly selected 100 millionaires in the us. The average age of these millionairs was 52.1 years with a standard deviation of 12.3 years. What is the a 95% confidence interval for the average days worked of all payroll departments

Explanation / Answer

Formula:

If (n>=30), CI = x ± Z/2 × (/n) If (n<30), CI = x ± t/2 × (/n) Where, x = Mean = Standard Deviation = 1 - (Confidence Level/100) Z/2 = Z-table value t/2 = t-table value CI = Confidence Interval

As n >30 we will use CI = x ± Z/2× (/n)

Confidence Interval:±2.41

Range for the true population mean:49.69 to 54.51

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