A study was conducted of recent high school graduates who began
full-time jobs rather than going...
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A study was conducted of recent high school graduates who beganfull-time jobs rather than going to college. We wish to find theaverage starting income µ of such workers. A random sample of size60 gave a sample mean of $24,500 with a population standarddeviation of $2350.Round answers to 2 decimal places.
Find the standard error.
Identify the upper and lower z score for a 95% confidenceinterval for µ.
Calculate the upper and lower bounds of the confidenceinterval.
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Solution Given thatPoint estimate sample mean 24500Population standard deviation
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