A Random Sample of 25 Employees of a Local Utility

question 59

Short Answer

A random sample of 25 employees of a local utility firm showed that their monthly incomes had a sample standard deviation of $112. Provide a 90% confidence interval estimate for the standard deviation of the incomes for all the firm's employees.

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Definitions:

Forecasting

The process of making predictions about future events or trends based on historical data and analysis.

Adverbs

Words that modify verbs, adjectives, or other adverbs, typically expressing manner, place, time, frequency, degree, level of certainty, etc.

Concise

Expressing or covering much in few words; brief in form but comprehensive in scope.

Self-contained

Describes something that is complete within itself and does not require external assistance or resources.