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Math Help - What is the point estimate and 97% confidence interval?

  1. #1
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    What is the point estimate and 97% confidence interval?

    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.
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  2. #2
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    Re: What is the point estimate and 97% confidence interval?

    Try \bar{x}_1-\bar{x}_2\pm Z_{0.97}\times \sqrt{\frac{\sigma_1^2}{n_1}+\frac{\sigma_2^2}{n_2  }}
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  3. #3
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    Re: What is the point estimate and 97% confidence interval?

    Thanks a lot pickslides. I have a big exam coming up so I really appreciate it!
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