Confidence Intervals for Means. point estimate – using a single value (or point) to approximate a population parameter. the sample mean is the best point estimate of the population mean The problem is, with just one point, how do we know how good that estimate is?
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Create a 95% confidence interval for the starting salaries of 20 college graduates who have taken a statistics course if the mean salary is $43,704, and the standard deviation is $9879.
s = standard deviation = $9879
n = sample size = 20
df= degrees of freedom = n-1=19