SOLUTION: If we wish to have a 98% confidence interval, what would be the value of α/2? Show how you arrived at this answer.
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Question 555031: If we wish to have a 98% confidence interval, what would be the value of α/2? Show how you arrived at this answer.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
If we wish to have a 98% confidence interval,
what would be the value of α/2?
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98% confidence leaves 2% in the normal distribution tails.
That leaves 1% in the left tail and 1% in the right tail.
You could use your z-chart or your calculator to find the
z-value with a left (or right) tail of 0.0100
That number is - or +2.3263
Use the positive value to calculate the confidence interval.
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Show how you arrived at this answer.
I used my TI-84 instruction: invNorm(0.01) = -2.3263
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Cheers,
Stan H.
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