Problem
1. Starting salaries of 55 college graduates who have taken a statistics course have a mean of $42,423. Suppose the distribution of this population is approximately normal and has a standard deviation of$8,451. Using a 88% confidence level, find both of the following:
a. Determine which distribution you should use based on the given information and provide the reason.
b. Find the critical value. (Must write out the EXCEL command.)
c. Calculate the Margin of error. (Clearly show the formula used with number plugged in and final answer.) 2.01(8,451)/55=308.84
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.