Final answer:
To construct a 99% confidence interval for the population mean exam score in finance, you can use the formula: Confidence Interval = sample mean +/- (z-score * standard error)
Step-by-step explanation:
The question is asking about constructing a 99% confident interval to estimate the population mean score on a nationwide exam in finance. In order to construct the interval, a random sample of exam scores was chosen with a mean of 488 and a standard deviation of 72.
To construct a confidence interval, we can use the formula: Confidence Interval = sample mean +/- (z-score * standard error). The z-score represents the number of standard deviations a data point is from the mean, and the standard error represents the average deviation of the sample mean from the population mean.
Since the confidence level is 99%, we can use the z-score corresponding to a 99% confidence level, which is 2.33. The standard error can be calculated using the formula: standard error = standard deviation / square root of sample size. Plugging in the given values, the standard error is 72 / square root of the sample size.
Substituting these values into the confidence interval formula will give the 99% confidence interval for the population mean exam score in finance.