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You would like to construct a 95% confidence interval to estimate the population mean score on a nationwide examination in finance, and for this purpose we choose a random sample of exam scores. The sample we choose has a mean of 496 and a standard deviation of 78. (a) What is the best point estimate, based on the sample, to use for the population mean? (b) For each of the following sampling scenarios, determine which distribution should be used to calculate the critical value for the 95% confidence interval for the population mean. (In the table, Z refers to a standard normal distribution, and t refers to a t distribution.) Could use Sampling scenario Unclear either Z ort The sample has size 90, and it is from a non-normally distributed population with a known standard deviation of 77. The sample has size 80, and it is from a non-normally distributed population. The sample has size 15, and it is from a normally distributed population with an unknown standard deviation. You would like to construct a 95% confidence interval to estimate the population mean score on a nationwide examination in finance, and for this purpose we choose a random sample of exam scores. The sample we choose has a mean of 496 and a standard deviation of 78. (a) What is the best point estimate, based on the sample, to use for the population mean? (b) For each of the following sampling scenarios, determine which distribution should be used to calculate the critical value for the 95% confidence interval for the population mean. (In the table, Z refers to a standard normal distribution, and t refers to a t distribution.) Could use Sampling scenario Unclear either Z ort The sample has size 90, and it is from a non-normally distributed population with a known standard deviation of 77. The sample has size 80, and it is from a non-normally distributed population. The sample has size 15, and it is from a normally distributed population with an unknown standard deviation.
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