If 18% of a number is 24, find 3% of that number. You must show your work in the work space.
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Answer:
Step-by-step explanation:
Notation
represent the sample mean
population mean (variable of interest)
s represent the sample standard deviation
n represent the sample size
Solution to the problem
The confidence interval for the mean is given by the following formula:
(1)
For this case the 9% confidence interval is given by:
We can calculate the mean with the following:
And we can find the margin of error with:
The margin of error for this case is given by:
And we can solve for the standard error:
The critical value for 95% confidence using the normal standard distribution is approximately 1.96 and replacing we got:
Now for the 98% confidence interval the significance is and
the critical value would be 2.326 and then the confidence interval would be: