Final Answer:
The margin of error (e) for the given confidence interval 16.24 < μ < 20.02 is 1.39 units.
Step-by-step explanation:
To calculate the margin of error (e) for a confidence interval, we use the formula: Margin of Error = (Upper Limit - Lower Limit) / 2. In this case, the upper limit is 20.02 and the lower limit is 16.24. Substituting these values into the formula: Margin of Error = (20.02 - 16.24) / 2 = 3.78 / 2 = 1.39 units. This means that the range of 16.24 to 20.02 has a margin of error of 1.39 units, indicating the level of uncertainty in estimating the population mean.
Confidence intervals provide a range within which we estimate the true population parameter to lie. The formula for calculating the margin of error involves taking half the width of the confidence interval. In this case, the interval's width is 3.78 units, and dividing it by 2 gives us the margin of error of 1.39 units. This implies that if we were to repeatedly sample and create confidence intervals, approximately 95% of these intervals would contain the true population mean.
Understanding the margin of error is crucial in interpreting the precision of an estimate. A smaller margin of error indicates higher precision and vice versa. In this scenario, a margin of error of 1.39 units suggests a moderate level of uncertainty in estimating the population mean within the given interval, highlighting the need for cautious interpretation when making inferences about the population parameter.