Solution :
Given that,
Point estimate = sample mean =
= $67500
Population standard deviation =
=$15534
Sample size = n =37
At 99% confidence level the z is ,
= 1 - 99% = 1 - 0.99 = 0.01
/ 2 = 0.01 / 2 = 0.005
Z/2 = Z0.005 = 2.576 ( Using z table )
Margin of error = E = Z/2* ( /n)
= 2.576* ( 15534 / 37)
= 6579
At 99% confidence interval estimate of the population mean is,
- E < < + E
67500-6579 < < 67500+6579
60921< < 74079
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