Question

4.     Suppose the management at a local health system must report the average annual income of their

physicians. In order to do so, the health system conducts a SRS of 439 of their full-time physicians and calculates a sample average income of $134,257.00. The population standard deviation is assumed to be $18,437.00. Assume the health system must report their statistics with “virtual certainty” i.e. they must use a Z value of 3.0 in all statistical operations.

A) Construct a confidence interval for the annual income of the physicians employed by the health center with “virtual certainty”.

B) Interpret the interval calculated in the above response.

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