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nikklg [1K]
2 years ago
9

A university surveyed recent graduates of the English department for their starting salaries. Four hundred graduates returned th

e survey. The average salary was $25,000. The population standard deviation was $2,500. What is the 95% confidence interval for the mean salary of all graduates from the English department
Mathematics
1 answer:
NeX [460]2 years ago
3 0

Answer:

Step-by-step explanation:

We want to determine a 95% confidence interval for the mean salary of all graduates from the English department.

Number of sample, n = 400

Mean, u = $25,000

Standard deviation, s = $2,500

For a confidence level of 95%, the corresponding z value is 1.96. This is determined from the normal distribution table.

We will apply the formula

Confidence interval

= mean ± z × standard deviation/√n

It becomes

25000 ± 1.96 × 2500/√400

= 25000 ± 1.96 × 125

= 25000 ± 245

The lower end of the confidence interval is 25000 - 245 =24755

The upper end of the confidence interval is 25000 + 245 = 25245

Therefore, with 95% confidence interval, the mean salary of all graduates from the English department is between $24755 and $25245

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Predict how much money can be saved without having a negative actual net income.

Monthly Budget  (is an itemized list of expected income and expenses that helps you to plan how the money will be spent or saved and track of spending habits.)

Budgeted Amount  (is an itemized allotment of funds, time for a given period)

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