STATISTICAL TECHNIQUES AND TOOLS
CONFIDENCE INTERVALS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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(1069.77, 2530.23)
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(1077.13, 2522.87)
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(1167.15, 2432.85)
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None of these.
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Detailed explanation-1: -Since 95% of values fall within two standard deviations of the mean according to the 68-95-99.7 Rule, simply add and subtract two standard deviations from the mean in order to obtain the 95% confidence interval.
Detailed explanation-2: -The interval is wider than a 95% confidence interval would be.-False, it is narrower. Thus the correct answer is b. The probability that the population mean is in the interval is 99%.
Detailed explanation-3: -With a 95 percent confidence interval, you have a 5 percent chance of being wrong. With a 90 percent confidence interval, you have a 10 percent chance of being wrong. A 99 percent confidence interval would be wider than a 95 percent confidence interval (for example, plus or minus 4.5 percent instead of 3.5 percent).