Question: You would like to construct a 99% confidence interval to estimate the population mean score on a nationwide examination in finance, and for this

You would like to construct a 99% confidence interval to estimate the

You would like to construct a 99% 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 503 and a standard deviation of 75. (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 99% 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 Unclear Sampling scenario either Z or t The sample has size 13, and it is from a normally distributed population with a known standard deviation of 77. The sample has size 90, and it is from a non-normally distributed population. The sample has size 20, and it is from a normally distributed population with an unknown standard deviation.

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