A magazine published data on the best small firms in a certain year. These were

Question

A magazine published data on the best small firms in a certain year. These were firms that had been publicly traded for at least a year, have a stock price of at least $5 per share, and have reported annual revenue between $5 million and $1 billion. The table below shows the ages of the corporate CEOs for a random sample of these firms.

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Use this sample data to construct a 90% confidence interval for the mean age of CEO's for these top small firms. Use the Student's t-distribution. (Round your answers to two decimal places.)

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47 59 50 61 56 59 74 63 53 50 59 60 60 57 46 55 63 57 47 55 57 43 61 62 49 67 67 55 55

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Explanation / Answer

The statistical software output for this problem is:

One sample T confidence interval:
: Mean of variable

90% confidence interval results:

Hence,

90% confidence interval will be:

(54.36, 58.70)

Variable Sample Mean Std. Err. DF L. Limit U. Limit Data 56.533333 1.2764294 29 54.364518 58.702149

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