Patrick invested money into a special savers bank account. Each year money in the account earns 4% interest. After one year, the
total amount of money in the account was €291.20 How much did Patrick invest?
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2 answers:
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Answer:
(25.53, 37.87): 95% CI
(23.59, 39.81): 99% CI
Step-by-step explanation:
The margin of error of a confidence interval is given by:
In which is the standard deviation of the population and n is the size of the sample.
z is related to the confidence level. The higher the confidence level, the higher the values of z, and thus, we wider the confidence interval is.
In this question:
The narrower C.I. is the 95%, and the wider is the 99%. So
(25.53, 37.87): 95% CI
(23.59, 39.81): 99% CI