Almost all employees working for financial companies in New York City receive large bonuses at the end of the year. A random sample of 65 employees selected from financial companies in New York City showed that they received an average bonus of $55,000 last year with a standard deviation of $18,000. Construct a 95% confidence interval for the average bonus that all employees working for financial companies in New York City received last year.

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Asked Nov 12, 2019
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Almost all employees working for financial companies in New York City receive large bonuses at the end of the year. A random sample of 65 employees selected from financial companies in New York City showed that they received an average bonus of $55,000 last year with a standard deviation of $18,000. Construct a 95% confidence interval for the average bonus that all employees working for financial companies in New York City received last year.

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Expert Answer

Step 1

Given information:

Sample size (n) = 65

Sample mean = $55000

Sample standard deviation (s) = $18000

Step 2

Confidence level = 0.95

So,

Significance level = 1- Confidence level

                             =1-0.95

                              =0.05

Degree of freedom = n-1

                             =65-1

                             =64

Step 3

Now, t-critical value in two tailed test at 64 degree o...

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