The Chartered Financial Analyst (CFA®) designation is fast becoming a requiremen
ID: 2932416 • Letter: T
Question
The Chartered Financial Analyst (CFA®) designation is fast becoming a requirement for serious investment professionals. Although it requires a successful completion of three levels of grueling exams, it also entails promising careers with lucrative salaries. A student of finance is curious about the average salary of a CFA® charterholder. He takes a random sample of 36 recent charterholders and computes a mean salary of $178,000 with a standard deviation of $44,000. Use this sample information to determine the 99% confidence interval for the average salary of a CFA® charterholder. Use Table 2. (Round intermediate calculations to 4 decimal places. Round "t" value to 3 decimal places and final answers to the nearest whole number.)
Explanation / Answer
The statistical software output for this problem is:
One sample T summary confidence interval:
: Mean of population
99% confidence interval results:
Hence,
99% confidence interval will be:
(158025, 197975)
Mean Sample Mean Std. Err. DF L. Limit U. Limit 178000 7333.3333 35 158025.43 197974.57Related Questions
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