The 98% confidence interval for the sample mean is (66.763, 76.969).
The primary challenge with this topic is entering all of the data into an Excel spreadsheet. After completing this step, the issue is not tough. Here, we're going to assume that the standard deviation is unknown. It's also important to note that the data was written from cell A1 to cell A26.
let's figure out what the sample mean is. The Excel function AVERAGE can be used to do this. To enter the mean value in cell B1, first mark the cell and enter =AVERAGE(A1:A26). You'll see that the function's arguments are our data's first and last cell. After rounding, we obtain μ = 71.86538462 and μ = 71.866.
Since we do not yet know the theoretical standard deviation, we must now compute the sample standard deviation. The Excel function STDEV can be used for this. To enter the mean value in cell B2, first mark the cell and enter =STDEV(A1:A26). You'll see that the function's arguments are our data's first and last cell.
This gives us σ = 11.0160226 and, after rounding, σ = 11.016.
We intend to compute the degree of confidence. CONFIDENCE is an Excel function that can be used for this. In cell B3, we mark the cell and enter =CONFIDENCE(0.02;11.016;26) if we wish to write the mean. Let's clarify what the arguments of the CONFIDENCE function are:
The confidence level is expressed as a number, 0.02. As you can see, the problem description required us to determine "the 98% confidence interval." However, since Excel is unable to interpret this data, we must "normalise" it by applying the calculation
1 - 98/100 = 1-0.98=0.02.
The standard deviation found in the second step is represented by the second value, 11.016.
This gives us ε=5,10298125 for the confidence and ε=5,103 for the rounding.
Lastly, we will determine the confidence interval. The outcomes of the first and third steps will be used in this instance. The formula (μ - ε, μ + ε) yields the confidence interval. Next,
(μ - ε, μ + ε) = (71.866 - 5,103, 71.866 + 5,103) = (66.763, 76.969)