Assignment:
According to the 2003-2004 annual report of the Association of Medical and Graduate Departments of Biochemistry, the average stipend for a postdoctoral trainee in biochemistry was $31,331 with a population standard deviation of $3,942. Treating this as the population, assume that you asked the 8 biochemistry postdoctoral trainees at your institution what their annual stipend was and that it averaged $34,000.
a. Construct a 90% confidence interval for this sample mean.
b. Construct a 95% confidence interval for this sample mean.
c. Construct a 99% confidence interval for this sample mean.
d. Which of the three confidence intervals do you find the most helpful? Why?
Provide complete and step by step solution for the question and show calculations and use formulas.