Pablo took out an 80/20 mortgage to buy a house that cost $140,000. The first (80%)
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Critical probability is the essentially cut-off value. The critical probability when the confidence level of 58% is 0.79.
<h3>What is the critical probability?</h3>Critical probability is the essentially cut-off value that defines the region where the test statistic is unlikely to lie.
As it is given that the confidence level is 58%. therefore, in order to calculate the critical probability, we need to calculate the margin of error within a set of data, and it is given by the formula
where the value of the α is expressed as,
Now, as the confidence interval is given to us, therefore, the value of the alpha can be written as,
Further, the critical probability, assuming a confidence level of 58% is,
Hence, the critical probability is 0.79.
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