Question

Starting salaries of 90 college graduates who have taken a statistics course have a mean of $43,993 and a standard deviation of $9,144. Using 99% confidence level, find the following: A. The margin of error E: _______________________________________

Answer 1

The margin of error E for the mean salary of college graduates who have taken a statistics course is $2,4868

Explanation:

margin of error (ME) around the mean can be calculated using the formula

ME=
`(z*s)/(√(N) )` where

• z is the corresponding statistic in the 99% confidence level(2.58)

• s is the standard deviation of the sample ($9.144)

• N is the sample size (90)

Then ME=
`(2.58*9.144)/(√(90) )` ≈ 2,4868