Question: A large state university is interested in estimating the average monthly earnings of its alumni who graduated with a graduate degree (e.g., MSC, MA, MFA,

A large state university is interested in estimating the average monthly earnings of its alumni who graduated with a graduate degree (e.g., MSC, MA, MFA, PhD, etc.) over the last decade. From a large population with 5,305 observations (N=5,305), they select a random sample of 200 observations (n=200). The sample mean is $3,107.25 and the sample standard deviation is $419.78. For simplicity, they consider the confidence level to be equal to 95% and critical value (the t-value) to be equal to 2.

Estimate the unknown population mean using a 95% confidence interval.

What is the lower limit of your confidence interval estimation? (Report your answer in decimal precision. Round up to two decimal point. And do not enter the unit).

What is the upper limit of your confidence interval estimation? (Report your answer in decimal precision. Round up to two decimal point. And do not enter the unit).

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