You would like to construct a 99% confidence interval to estimate the population mean annual income for people over age 40 in your state. You choose a random sample of such incomes and compute the mean of the sample as 40,632.5 dollars with a standard deviation of 7917.6

College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter8: Sequences, Series, And Probability
Section8.7: Probability
Problem 58E: What is meant by the sample space of an experiment?
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You would like to construct a 99% confidence interval to estimate the population mean annual income for people over age 40 in your state. You choose a random sample of such incomes and compute the mean of the sample as 40,632.5 dollars with a standard deviation of 7917.6 dollars.

(a) What is the best point estimate, based on the sample, to use for the population mean?
dollars
Transcribed Image Text:(a) What is the best point estimate, based on the sample, to use for the population mean? dollars
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