Confidence interval for the mean compensation

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Big salary for the boss: Following is the total 2012 compensation, in millions of dollars, for Chief Executive Officers at 20 large U.S. corporations.

2.75 9.15 2.32 23.84 13.12 9.91 6.29 2.19 4.28 0.70 3.18 8.20 1.68 4.64 6.05 6.59 11.31 1.35 25.84 2.85

Assuming that the conditions for constructing a confidence interval for the mean compensation are satisfied, construct and interpret a 95% confidence interval for the mean compensation of a Chief Executive Officer.

In 2011, the average total compensation, in millions of dollars, for Chief Executive Officers at these corporations was 11.41. An analyst claims that the mean compensation has decreased in 2012. Does your confidence interval support the analyst's claim? Explain.

Reference no: EM132852262

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