You Want to Estimate the Average GMAT Score for All

question 29

Multiple Choice

You want to estimate the average GMAT score for all students who took the Logitano GMAT Preparation course during the past 2 years.You select a random sample of 100 such students from a comprehensive list of all students who took the course over the last two years and find that the average GMAT score for the sample was 1040.Assume you know the population standard deviation here is 83 points.Produce the 95% confidence interval estimate of the mean GMAT score for the population of Logitano students represented by the sample.Report the upper bound for your interval.

• A)1234.1
• B)1152.3
• C)802.8
• D)1056.3
• E)1352.7

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Definitions:

New Equipment

Assets purchased by firms for long-term use to aid in producing goods and services, often associated with capital investment.

Opportunity Cost

The act of losing potential rewards from other options upon the selection of a specific alternative.

Investment Line

A graphical representation showing the relationship between the level of investment and the rate of return or interest rate.

Income Axis

The vertical axis on a graph that represents different levels of income, commonly used in economics.