A survey of 25 randomly selected psychiatrists found an averagehourly wage (including benefits) of $65.00 per hour. The samplestandard deviation was $6.25 per hour. 1. What is the populationmean? What is the best estimate of the population mean? 2. Developa 99% confidence interval for the population mean wage (includingbenefits) for these psychiatrists. 3. How large a sample is neededto assess the population mean with an allowable error of $1.00 at95% confidence?
