For a given week, a random sample of 30 hourly employees selected from a very large number of employees in a manufacturing firm has a sample mean wage of x̅= $180.00, with a sample standard deviation of ? = $14.00. We estimate the mean wage for all hourly employees in the firm with an interval estimate such that we can be 95 percent confident that the interval includes the value of the population mean. Find the 95% confidence interval.

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.