Confidence Interval & Sample Size
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A random sample of 25 people employed by the Florida state authority established they earned an average wage (including benefits) of $65 per hour. The sample standard deviation was $6.25 per hour.
(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).
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Solution Summary
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.
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