# Forbes magazine published data on the best small firms in 2012. These were firms that had been publicly traded for at least a year, have a stockprice of at least \$5 per share, and have reported annual revenue between \$5 million and \$1 billion. The table below shows the ages of the corporateCEOS for a random sample of these firms.58 51 614856597463535059606057465563574755574361624967 55556749Use this sample data to construct a 90% confidence interval for the mean age of CEO's for these top small firms. Use the Student's t-distribution(a) what is the lower bound for 90% confidence interval for the mean age of CEO's? (Round to 3decimal places) (b) What is the upper bound (Round to 3 decimla places)

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Asked Nov 16, 2019
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Step 1

The mean is calculated using the Excel software. After entering the data in cells A1 to A30 (there are 30 observations), the formula =AVERAGE(A1:A30) gives the mean as 56.57 and standard deviation, the formula =STDEV(A1:A30) gives the standard deviation value...

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