A random sample of 87 airline pilots had an average yearly income of $99,400 with a standard deviation of $12,000.
· If we want to determine a 95% confidence interval for the average yearly income, what is the value of t?
· Develop a 95% confidence interval for the average yearly income of all pilots.
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As per the table of t-distribution and degrees of freedom, the value of t for 95% confidence interval and 86 degrees of freedom (i.e. sample size of 87 - 1) is 0.678.
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