Answer to Question #53552 in Statistics and Probability for Bob

Question

In an effort to estimate the annual income for new graduates, data were collected from 100 new graduates over a 1-year period. Assume a population standard deviation of $2,000.

If the sample mean is $15,000, what is the 95% confidence interval for the population mean?

a. $14,590 to $15,410
b. $14,668 to $15,332
c. $14,608 to $15,392
d. $14,603 to $15,396
e. $14,534 to $15,466

If the sample mean is $15,000, what is the 98% confidence interval for the population mean?

a. $14,668 to $15,332
b. $14,608 to $15,392
c. $14,603 to $15,396
d. $14,534 to $15,466
e. $14,590 to $15,410