What is the mean annual income of all holders of a certain type policy. A random sample of 25 policy holders reveals mean annual income of 28,500. The standard deviation is 1000. Construct a 95% confidence interval for the mean annual income of all holders of this type of policy.
Here it is given that,
The sample mean, x-bar = 28,500,
Population standard deviation, σ = 1000,
Sample size, ...
The determination of the Confidence interval for the population mean is discussed in the solution.