Math Problem Statement
You would like to construct a 99% confidence interval to estimate the population mean annual income for people over age 40 in your state. You choose a random sample of such incomes and compute the mean of the sample as 40,281.5 dollars with a standard deviation of 7715.0 dollars. (a) What is the best point estimate, based on the sample, to use for the population mean?
Solution
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Math Problem Analysis
Mathematical Concepts
Statistics
Confidence Interval
Point Estimate
Formulas
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Theorems
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Suitable Grade Level
College Level
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