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Hi everyone. This is my first post on here. I have to do several problems similar to this on an upcoming exam and would really appreciate anyone explaining how I solve it. Thank you!
The mean annual earnings of pharmacists in the US are $230,000 and those of pediatricians to be $225,000. Suppose that these results are based on a random sample of 300 pharmacists and 400 pediatricians and that the population standard deviations are $28,000 and $32,000.
A.) What is the point estimate?
B.) Construct a 97% confidence interval for the mean difference between the mean annual earnings of pharmacists and pediatricians.