STATISTICAL TECHNIQUES AND TOOLS
CONFIDENCE INTERVALS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A sample size of n = 64 is drawn from a population whose standard deviation is = 5.6.Find the margin of error for a 99% confidence interval for µ.
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1.799
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1.798
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1.803
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None of the above
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Explanation:
Detailed explanation-1: -Finally, we can calculate the margin of error by multiplying the critical value by the standard error: Margin of Error = Critical Value * Standard Error Margin of Error = 2.576 * 0.7 Margin of Error ≈ 1.8032 So, the margin of error for a 99% confidence interval for the population mean (u) is approximately 1.8032.
Detailed explanation-2: -We want to construct a 95% confidence interval for with a margin of error equal to 4%. Because there is no estimate of the proportion given, we use for a conservative estimate. This is the minimum sample size, therefore we should round up to 601.
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