Question

Determine the margin of error in estimating the population mean, μ . A sample of 74 college students yields a mean annual income of Assuming that , find the margin of error in estimating μ at the 99% level of confidence.

Answer 1

$253

Explanation:

Margin of error is the critical value times the standard error.

MoE = z × σ/√n

At 99% confidence, z = 2.576.

MoE = 2.576 × 844/√74

MoE = 253