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    The confidence interval for Random Samples

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    An experiment involves selecting a random sample of 256 middle managers for study. One item of interest is annual income. The sample mean is computed to be $35,420 and the sample standard deviation is $2,050. Using this information, calculate the 95% confidence interval (rounded to the nearest $10). Interpret your findings.

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    Please see the response as below

    Sample mean of annual income, x(bar) = $35420
    Sample standard deviation of the annual income, s = $2050
    As we do not know the population standard deviation, the sample standard deviation is ...

    Solution Summary

    The solution contains calculation of the 95% confidence interval and interpretation of the result.