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It is known that the standard deviation of a population equals 24. A random sample of...

It is known that the standard deviation of a population equals 24. A random sample of 121 observations is going to be taken from the population. Compute the margin of error corresponding to a 99% level of confidence.

NOTE: WRITE YOUR ANSWER USING 4 DECIMAL DIGITS. DO NOT ROUND UP OR DOWN.

Math   Statistics-And-Probability   
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Answer #1

Given:

Standard deviation = = 24

Sample size = n = 121

Significance level = = 1-0.99 = 0.01

At 99% significance level, the critical value of Z is

Z/2 = Z0.01/2 = 2.58

Margin of error :

E = Z/2 * /√n

= 2.58 * 24/√121

= 2.58 * 2.1818

= 5.6290

Therefore margin of error is E = 5.6290 ...(try 5.6203 if getting wrong)

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