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