And it means? Every statement about a confidence interval contains two partsthe level of confidence and the
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And it means? Every statement about a confidence interval contains two parts—the level of confidence and the interval. Suppose that an insurance agent estimating the mean loss claimed by clients after home burglaries created the 95% confidence interval ($1644, $2391).
1. What’s the margin of error for this estimate?
2. Carefully explain what the interval means.
3. Carefully explain what the 95% confidence level means.
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Related Book For
Stats Data And Models
ISBN: 9780135163825
5th Edition
Authors: Richard D De Veaux, Paul F Velleman, David E Bock
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