Find the critical value for a 95% confidence interval given a sample size of 6.
Table of contents
- 1. Intro to Stats and Collecting Data1h 14m
- 2. Describing Data with Tables and Graphs1h 55m
- 3. Describing Data Numerically2h 5m
- 4. Probability2h 16m
- 5. Binomial Distribution & Discrete Random Variables3h 6m
- 6. Normal Distribution and Continuous Random Variables2h 11m
- 7. Sampling Distributions & Confidence Intervals: Mean3h 23m
- Sampling Distribution of the Sample Mean and Central Limit Theorem19m
- Distribution of Sample Mean - Excel23m
- Introduction to Confidence Intervals15m
- Confidence Intervals for Population Mean1h 18m
- Determining the Minimum Sample Size Required12m
- Finding Probabilities and T Critical Values - Excel28m
- Confidence Intervals for Population Means - Excel25m
- 8. Sampling Distributions & Confidence Intervals: Proportion1h 12m
- 9. Hypothesis Testing for One Sample3h 29m
- 10. Hypothesis Testing for Two Samples4h 50m
- Two Proportions1h 13m
- Two Proportions Hypothesis Test - Excel28m
- Two Means - Unknown, Unequal Variance1h 3m
- Two Means - Unknown Variances Hypothesis Test - Excel12m
- Two Means - Unknown, Equal Variance15m
- Two Means - Unknown, Equal Variances Hypothesis Test - Excel9m
- Two Means - Known Variance12m
- Two Means - Sigma Known Hypothesis Test - Excel21m
- Two Means - Matched Pairs (Dependent Samples)42m
- Matched Pairs Hypothesis Test - Excel12m
- 11. Correlation1h 6m
- 12. Regression1h 50m
- 13. Chi-Square Tests & Goodness of Fit1h 57m
- 14. ANOVA1h 57m
7. Sampling Distributions & Confidence Intervals: Mean
Confidence Intervals for Population Mean
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Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
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.
Verified step by step guidance1
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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