(a) What is your best estimate of the population mean
(b) Develop a 99 percent confidence interval for the population mean wage (including benefits) for these employees. (Round your answers to 2 decimal places).
(c) How large a sample is needed to assess the population mean with an allowable error of $1 at 95 percent confidence? (Round up your answer to the next whole number).© BrainMass Inc. brainmass.com June 4, 2020, 12:48 am ad1c9bdddf
The solution provides step by step method for the calculation of confidence interval for population mean and sample size. Formula for the calculation and Interpretations of the results are also included. Interactive excel sheet is included. The user can edit the inputs and obtain the complete results for a new set of data.