0.00 points Exercise 8-25 Algo The Chartered Financial Analyst (CFA designation
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0.00 points Exercise 8-25 Algo 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 $182,000 with a standard deviation of $48,000. Use this sample information to determine the 90% confidence interval for the average salary of a CFA® charterholder. Assume that salaries are normally distributed. Use Table 2. (Round intermediate calculations t decimal places and final answers to the nearest whole number.) Confidence interval to References eBook & Resources Worksheet Difficulity: 3 Hard Exercise 8-25 Algo Learning Objective: 08-05 Calculate a confidence interval for the population mean when the population standard 2 3 4. 5 6Explanation / Answer
CI = (168483, 195517)
CI for 90% n 36 mean 182000 t-value of 90% CI and df = 35 1.6896 std. dev. 48000 SE = std.dev./sqrt(n) 8000.00000 ME = t*SE 13516.57966 Lower Limit = Mean - ME 168483.42034 Upper Limit = Mean + ME 195516.57966 90% CI (168483.4203 , 195516.5797 )Related Questions
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