Question

Define confidence interval and degree of confidence. Provide at least one example of a confidence interval and interpret the result.

Answer 1

Answer:

confidence interval:

This tells us the degree of certainty or uncertainty that is existent in a sampling method. It gives us a range of values, telling us we are fairly sure that our true value or parameter lies within the range.

Degree of confidence:

This tells us that the confidence interval has captured the true/exact population parameter.

If we have 95% degree of confidence, we are 95% sure that that the exact/true parameter are in the confidence interval