STATISTICAL TECHNIQUES AND TOOLS
CONFIDENCE INTERVALS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Find the critical value Zc that corresponds to a 98% confidence level
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2.33
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1.645
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1.96
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2.575
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Explanation:
Detailed explanation-1: -4. Using a Z-table or calculator, we find that the Z-score corresponding to the 99th percentile is approximately 2.33. So, the critical value for a 98% confidence level is approximately 2.33.
Detailed explanation-2: -The probability 0.01 corresponds to 23.3 and 0.03. Thus, the z value when making 98% confidence interval for p will be 2.33.
Detailed explanation-3: -Divide the significance level by 2. Subtract /2 from 1. 1-/2 = 1 – 0.01. 1-/2 = 0.99. Search the value 0.99 in the z table given below. 2.3 + 0.03 = 2.33.
There is 1 question to complete.