Assignment:
The monthly incomes from a randomly selected sample of business school alumni are show below:
Monthly Income (in $1)
6500
5500
7500
12000
6000
6300
7100
9000
A. What is the standard error of the mean income per month (in $'s) for all workers in the company?
B. Construct a 95% confidence interval for the population mean income level per month, assuming the population has a normal distribution.
Please use at least 3 digits after the decimal point for precision level.
Provide complete and step by step solution for the question and show calculations and use formulas.