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4. Goldman Sachs wants to estimate the amount of an annual healthcare premium needed for an econometrician as part of a new recruiting program. In a sample of 50 econometricians, they found that the average yearly premium needed is $16,000 with a standard deviation of $3,500. (a) What is the population mean? What is the best estimate of the population mean? (b) Develop an 90% confidence interval for the population mean (c) Assuming a 99% level of confidence, how large of a sample is required with an acceptable error of $400?
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