Large Sample Estimation of a Population Mean

Statistics
Tutor: None Selected Time limit: 1 Day

Mar 11th, 2015

Since we don't know the population standard deviation, only that for the sample, we should use a t-distribution here, with df = n-1 = 399. The critical t-stat for a 99% confidence interval will be:

t_crit = t.inv(p=0.995,df=399) = 2.588207164

The standard error is sample sd / sqrt(n) = 2.7/sqrt(400)

SEM = 0.135

So the 99% confidence interval for the sample mean is given by 

sample mean +/- t_crit x SEM

= 8.84 +/- 2.588 x 0.135

= [8.4906 to 9.1894]

Mar 11th, 2015

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Mar 11th, 2015
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