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Answer:
The lower limit of 95% confidence interval is 99002.
Step-by-step explanation:
We are given the following in the question:
Population mean, μ = $100,000
Sample mean, = $111,000
Sample size, n = 36
Alpha, α = 0.05
Population standard deviation, σ = $36,730
First, we design the null and the alternate hypothesis
We have to find the lower limit of the 95% confidence interval.
95% Confidence interval:
Putting the values, we get,
The lower limit of 95% confidence interval is 99002.