Answer:
So on this case the 95% confidence interval would be given by (3.25;4.33)
Explanation:
Notation
represent the sample mean for the sample
population mean (variable of interest)
s represent the sample standard deviation
n represent the sample size
Solution to the problem
The confidence interval for the mean is given by the following formula:
(1)
In order to calculate the mean and the sample deviation we can use the following formulas:
(2)
(3)
The mean calculated for this case is
The sample deviation calculated
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(0.025,14)".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 (3.25;4.33)