In a study focused on the shortage of pharmacists in the United States, a simple random sample of 250 newly hired pharmacists was selected and sent a questionnaire. One of the questions dealt with the size of the “signing bonus” that a newly hired pharmacist received for joining his/her current employer. The average signing bonus for the sample was $4,789.
a. Estimate the average signing bonus for the population of newly hired pharmacists. Use 95% confidence and assume the standard deviation for the population of signing bonuses is known to be $3000.
b. Carefully interpret the interval you produced in part a.