Confidence level is 99%, is known to be $4,385,000, and the dotplot of 40 sample values
Question:
Confidence level is 99%, σ is known to be $4,385,000, and the dotplot of 40 sample values of professional baseball players is as shown in Exercise 7.
Assume that we want to construct a confidence interval. Do one of the following, as appropriate:
(a) Find the critical value tα/2,
(b) find the critical value zα/2,
(c) state that neither the normal distribution nor the t distribution applies.
Exercise 7
Confidence level is 99%, σ is not known, and the dotplot of a sample of 40 values of professional baseball player salaries is as shown below.
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