Question

Annual starting salaries for college graduates with degrees in business administration are generally expected to be between 20000 and 35000 . Assume that a confidence interval estimate of the population mean annual starting salary is desired.
What is the planning value for the population standard deviation?

Answer 1

Answer:

The planning value for the population standard deviation is of 4330.

Step-by-step explanation:

Uniform probability distribution:

The uniform probability distribution has two bounds, a and b. The standard deviation is given by:

$S = \sqrt{\frac{(b-a)^2}{12}}$

Annual starting salaries for college graduates with degrees in business administration are generally expected to be between 20000 and 35000.

Uniform in this interval, so $a = 20000, b = 35000$

What is the planning value for the population standard deviation?

$S = \sqrt{\frac{(35000 - 20000)^2}{12}} = 4330$

The planning value for the population standard deviation is of 4330.