Suppose a random sample of 100 individuals is taken and that average wage for that sample is $1,000 per week. Assume we know the population standard deviation of wages per week (σ) is $300.
1. What is the upper and lower bound for a 95% confidence estimate interval estimate of the population mean?
2. What is the value of the margin of error for the 95% confidence interval estimate of the population mean?
3. What is the upper and lower bound for a 99% confidence estimate interval estimate of the population mean?