Millionaires. Dr. Thomas Stanley of Georgia State University has surveyed millionaires since 1973. Among other information, Stanley obtains estimates for the mean age, µ, of all U.S. millionaires.Suppose that 36 randomly selected U.S. millionaires are the following ages, in years. 31 45 79 64 48 38 39 68 52 59 68 79 42 79 53 74 66 66 71 61 52 47 39 54 67 55 71 77 64 60 75 42 69 48 57 48 Determine a 95% confidence interval for the mean age, µ, of all U.S. millionaires. Assume that the standard deviation of ages of all U.S. millionaires is 13.0 years. (Note: The mean of the data is 58.53 years.)

Question

Millionaires. Dr. Thomas Stanley of Georgia State University has surveyed millionaires since 1973. Among other information, Stanley obtains estimates for the mean age, µ, of all U.S. millionaires.Suppose that 36 randomly selected U.S. millionaires are the following ages, in years.

31 45 79 64 48 38 39 68 52
59 68 79 42 79 53 74 66 66
71 61 52 47 39 54 67 55 71
77 64 60 75 42 69 48 57 48

Determine a 95% confidence interval for the mean age, µ, of all U.S. millionaires. Assume that the standard deviation of ages of all U.S. millionaires is 13.0 years. (Note: The mean of the data is 58.53 years.)

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