Respuesta :
Answer:
a) The 95% confidence interval would be given by (3409.291;3410.989)
b) The 98% confidence interval would be given by (3409.060;3411.220)
Step-by-step explanation:
A confidence interval is "a range of values that’s likely to include a population value with a certain degree of confidence. It is often expressed a % whereby a population means lies between an upper and lower interval".
The margin of error is the range of values below and above the sample statistic in a confidence interval.
Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".
Part a
[tex]\bar X=3410.14[/tex] represent the sample mean
[tex]\mu[/tex] population mean (variable of interest)
[tex]s=1.018[/tex] represent the sample standard deviation
n=8 represent the sample size
95% confidence interval
The confidence interval for the mean is given by the following formula:
[tex]\bar X \pm t_{\alpha/2}\frac{s}{\sqrt{n}}[/tex] (1)
First we need to find the degrees of freedom given by:
[tex]df=n-1=8-1=7[/tex]
Since the Confidence is 0.95 or 95%, the value of [tex]\alpha=0.05[/tex] and [tex]\alpha/2 =0.025[/tex], and we can use excel, a calculator or a table to find the critical value. The excel command would be: "=-T.INV(0.025,7)".And we see that [tex]t_{\alpha/2}=2.36[/tex]
Now we have everything in order to replace into formula (1):
[tex]3410.14-2.36\frac{1.018}{\sqrt{8}}=3409.291[/tex]
[tex]3410.14+2.36\frac{1.018}{\sqrt{8}}=3410.989[/tex]
So on this case the 95% confidence interval would be given by (3409.291;3410.989)
Part b
Since the Confidence is 0.98 or 98%, the value of [tex]\alpha=0.02[/tex] and [tex]\alpha/2 =0.01[/tex], and we can use excel, a calculator or a table to find the critical value. The excel command would be: "=-T.INV(0.01,7)".And we see that [tex]t_{\alpha/2}=3.00[/tex]
Now we have everything in order to replace into formula (1):
[tex]3410.14-3.00\frac{1.018}{\sqrt{8}}=3409.060[/tex]
[tex]3410.14+3.00\frac{1.018}{\sqrt{8}}=3411.220[/tex]
So on this case the 98% confidence interval would be given by (3409.060;3411.220)