Answer:
The 95% confidence interval would be given by (0.0825;0.1395)
Explanation:
1) Previous concepts
A confidence interval is "a range of values that’s likely to include a population value with a certain degree of confidence. It is often expressed a % whereby a population means lies between an upper and lower interval".
The margin of error is the range of values below and above the sample statistic in a confidence interval.
Normal distribution, is a "probability distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean".
Data: 0.07, 0.11, 0.15, 0.13, 0.12, 0.07, 0.13
We can calculate the sample mean and deviation with the following formulas:
![\bar X =(\sum_(i=1)^n X_i)/(n)](https://img.qammunity.org/2020/formulas/mathematics/college/ys8f853qfi1tmjvakmtvr0thnu1wzndxd2.png)
![s=\sqrt{(\sum_(i=1)^n (X_i -\bar X)^n)/(n-1)}](https://img.qammunity.org/2020/formulas/mathematics/college/sb51z0cew7jjzc821idjc15s0nwqodbren.png)
represent the sample mean for the sample
population mean (variable of interest)
s=0.0308 represent the sample standard deviation
n=7 represent the sample size
2) Confidence interval
The confidence interval for the mean is given by the following formula:
(1)
In order to calculate the critical value
we need to find first the degrees of freedom, given by:
Since the Confidence is 0.95 or 95%, the value of
and
, and we can use excel, a calculator or a table to find the critical value. The excel command would be: "=-T.INV(0.025,6)".And we see that
Now we have everything in order to replace into formula (1):
So on this case the 95% confidence interval would be given by (0.0825;0.1395)