MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
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Question

You would like to construct a 99% confidence interval to estimate the population mean annual income for people over age 40 in your state. You choose a random sample of such incomes and compute the mean of the sample as 40,632.5 dollars with a standard deviation of 7917.6 dollars.

(a) What is the best point estimate, based on the sample, to use for the population mean? dollars
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Transcribed Image Text:(a) What is the best point estimate, based on the sample, to use for the population mean? dollars
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