STATISTICAL TECHNIQUES AND TOOLS
CONCEPT OF POINT AND INTERVAL ESTIMATION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What is the critical value z-value for a 99% confidence interval?
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-2.58
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1.96
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-1.64
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2.58
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Explanation:
Detailed explanation-1: -Let us consider the third case for which the given confidence level is 99 percent. In this case too, we need to calculate the area under the curve and it can be given as shown in the figure below. Hence, the z value at the 99 percent confidence interval is 2.58.
Detailed explanation-2: -For a test using a 99% confidence level (e.g. = 0.01), the z critical value is 5.576.
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