after two years on the job, an engineer salary was $60,000. after seven years on the job, her salary was $66,000. let y represen
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We have a sample of 28 data points. The sample mean is 30.0 and the sample standard deviation is 2.40. The confidence level required is 98%. Then, we calculate α by:
The confidence interval for the population mean, given the sample mean μ and the sample standard deviation σ, can be calculated as:
Where n is the sample size, and Z is the z-score for 1 - α/2. Using the known values:
Where (from tables):
Finally, the interval at 98% confidence level is: