Almost all employees working for financial companies in New York City receive large bonuses at the...
Almost all employees working for financial companies in New York City receive large bonuses at the end of the year. A sample of 63 employees selected from financial companies in New York City showed that they received an average bonus of $50,000 last year with a standard deviation of $15,000. Construct a confidence interval for the average bonus that all employees working for financial companies in New York City received last year.
Homework Answers
t critical value at 0.05 level with 62 df = 1.999
95% confidence interval for 
is
- t * S /
sqrt(n) < < + t * S /
sqrt(n)
50000 - 1.999 * 15000 / sqrt(63) < < 50000 + 1.999
* 15000 / sqrt(63)
46222.25 < < 53777.75
95% CI is ( 46222.25 , 53777.75 )
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