A firm having 4000 employees took a random sample of 25 in order to estimate their average annual state tax payment with 99% confidence. If the results were X = $640 and s = $20, what is the best interval estimation?

Question

A firm having 4000 employees took a random sample of 25 in order to estimate their average annual state tax payment with 99% confidence.  If the results were X = $640 and s = $20, what is the best interval estimation?

PsyDAG · Answer

99% = mean ± 2.575 SEm SEm = SD/√n

nanci · Answer

67