Find the critical value for a 95% confidence interval given a sample size of 6.
Table of contents
- 1. Intro to Stats and Collecting Data55m
- 2. Describing Data with Tables and Graphs1h 55m
- 3. Describing Data Numerically1h 45m
- 4. Probability2h 16m
- 5. Binomial Distribution & Discrete Random Variables2h 33m
- 6. Normal Distribution and Continuous Random Variables1h 38m
- 7. Sampling Distributions & Confidence Intervals: Mean1h 53m
- 8. Sampling Distributions & Confidence Intervals: Proportion1h 12m
- 9. Hypothesis Testing for One Sample2h 19m
- 10. Hypothesis Testing for Two Samples3h 22m
- 11. Correlation1h 6m
- 12. Regression1h 4m
- 13. Chi-Square Tests & Goodness of Fit1h 20m
- 14. ANOVA1h 0m
7. Sampling Distributions & Confidence Intervals: Mean
Confidence Intervals for Population Mean
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You want to purchase one of the new Altima. You randomly select 400 dealerships across the United States and find a mean of $25,000 and sample standard deviation of $2500. Construct and interpret a 94% confidence interval for the true mean price for the new Nissan Altima.
A
(24996.25, 25003.75); We are 94% confident that the true mean price for the new Nissan Altima falls between $24996.25 and $25003.75.
B
(24999.25, 25000.24); We are 94% confident that the true mean price for the new Nissan Altima falls between $24999.25 and $25000.24.
C
(24984.912, 25015.088); We are 94% confident that the true mean price for the new Nissan Altima falls between $24984.912 and $25015.088.
D
(24764.25, 25235.75); We are 94% confident that the true mean price for the new Nissan Altima falls between $24764.25 and $25235.75.

1
Identify the sample mean (\( \bar{x} \)) and sample standard deviation (\( s \)) from the problem. Here, \( \bar{x} = 25000 \) and \( s = 2500 \).
Determine the sample size (\( n \)), which is given as 400 dealerships.
Select the confidence level, which is 94%. This will help you find the critical value (\( z^* \)) from the standard normal distribution table.
Calculate the standard error of the mean using the formula \( \text{SE} = \frac{s}{\sqrt{n}} \). Substitute \( s = 2500 \) and \( n = 400 \) into the formula.
Construct the confidence interval using the formula \( \bar{x} \pm z^* \times \text{SE} \). Substitute the values of \( \bar{x} \), \( z^* \), and \( \text{SE} \) to find the interval.
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Confidence Intervals for Population Mean practice set
