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Exhibit 8-3.Professors of Accountancy are in high demand at American universities.A random sample of 28 new accounting professors found the average salary was 135 thousand dollars with a standard deviation of 16 thousand dollars.Assume the distribution is normally distributed. Refer to Exhibit 8-3.Construct a 90% confidence interval for the salary of new accounting professors.Answers are in thousands of dollars.
Linear Relationship
A relationship between two variables where the change in one variable is proportional to the change in another variable.
Least Squares Method
A mathematical technique used in regression analysis to minimize the sum of the squares of the differences between observed and predicted values.
Sum of Squares
A statistical measure that quantifies the total deviation of data points from their mean, often used in variance and standard deviation calculations.
Coefficient of Correlation
A statistical measure that calculates the strength and direction of the relationship between two variables.
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