Refer to Exercise 5.74. After a confrontation with the teachers’ union, the state promised to make reimbursements within 60 days. Monitoring of the next 40 resignations yields an average of 58 days, with a standard deviation of 10 days. If we assume that these 40 resignations represent a random sample of the state’s future performance, estimate the mean reimbursement time, using a 99% confidence interval.
REFERENCE;
5.74 : Faculty members in a state university system who resign within 10 years of initial employment are entitled to receive the money paid into a retirement system, plus 4% per year. Unfortunately, experience has shown that the state is extremely slow in returning this money. Concerned about such a practice, a local teachers’ organization decides to investigate. From a random sample of 50 employees who resigned from the state university system over the past 5 years, the average time between the termination date and reimbursement was 75 days, with a standard deviation of 15 days. Use the data to estimate the mean time to reimbursement, using a 95% confidence interval.
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