A large sample of 100 units has a mean 3000 and a standard deviation σ of 500. Find a 95% confidence interval of the mean μ
Confidence Interval Formula for μ is as follows: X - zscoreα/2 * s/√n < μ < X + zscoreα/2 * s/√n where: X = sample mean, s = sample standard deviation, zscore = Normal distribution Z-score from a probability where α = (1 - Confidence Percentage)/2
Find z-score for α value for 0.025 zscore0.025 = 1.96 <--- Value can be found on Excel using =NORMSINV(0.975)
Calculate the Standard Error of the Mean:
SEM =
σ
√n
SEM =
500
√100
SEM =
500
10
SEM = 50
Calculate high end confidence interval total: High End = X + zscoreα * s/√n High End = 3000 + 1.96 * 500/√100 High End = 3000 + 1.96 * 50 High End = 3000 + 98 98 can be derived on Excel below
Excel or Google Sheets formula:
Excel or Google Sheets formula:CONFIDENCE(0.05,500,100)
High End = 3098
Calculate low end confidence interval total: Low End = X - zscoreα * s/√n Low End = 3000 - 1.96 * 500/√100 Low End = 3000 - 1.96 * 50 Low End = 3000 - 98 Low End = 2902
Now we have everything, display our 95% confidence interval:
2902 < μ < 3098
You have 2 free calculationss remaining
What this means is if we repeated experiments, the proportion of such intervals that contain μ would be 95%
What is the Answer?
2902 < μ < 3098
How does the Confidence Interval for the Mean Calculator work?
Free Confidence Interval for the Mean Calculator - Calculates a (90% - 99%) estimation of confidence interval for the mean given a small sample size using the student-t method with (n - 1) degrees of freedom or a large sample size using the normal distribution Z-score (z value) method including Standard Error of the Mean. confidence interval of the mean This calculator has 5 inputs.
What 1 formula is used for the Confidence Interval for the Mean Calculator?