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Suppose a random sample of 25 individuals is taken and that average wage for that sample is $1,000 per week and the sample standard deviation of wages per week (s) is found to be $300.
1. Provide the lower and upper bound of a 95% confidence interval estimate of the population mean, µ.
2. Provide the lower and upper bound of an 80% confidence interval estimate of the population mean, µ.
3. Provide the lower and upper bound of a 99% confidence interval estimate of the population mean, µ.
4. What is the value for the marginal error of a 99% confidence interval estimate of the population mean, µ?