Construct 98 CL Construct 98 CLSolutionThere is no data prov

Solution

There is no data provided i.e. the complete collection set nor the mean and the standard deviation, hence i am writing the procedure to construct the 98% confidence interval

1) Calculate the mean and the standard deviation of the given data (if not provided)

2) Alpha level = (1 - confidence interval)/2 = (1 - 0.98)/2 = 0.01

3) Look for the alpha level and (N-1) i.e. sample size - 1 in the T-distribution tabkle

4) Divide the standard deviation by root of sample size

5) Multiply the value find in table * new standard deviation

6) FInd lower range of data by Mean(new) = Mean(old) - quantity obtained in step 5

7) FInd higher range of data by Mean(new) = Mean(old) + quantity obtained in step 5