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Confidence interval for the mean of monthly starting

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Reference no: EM132318283

You are considering applying for MBA programs at business schools. You are interested in knowing the mean monthly starting salaries of MBA graduates. You take a random sample of 100 newly MBA graduates and find that the average of their monthly starting salary (X bar ) is $2,940. The sample standard deviation (s) is $980.

a. Construct a 95% confidence interval for the mean of monthly starting salary of MBA graduates.

b. You wish to have a higher degree of confidence in your interval. Will a 99% confidence interval be narrower or wider than the one computed in a.? You don't need to build the 99% confidence interval just provide the intuition.

Reference no: EM132318283

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