Question

If a sample has 25 observations and a 99% confidence estimate for mean is needed, the appropriate value of the t-multiple required is_______. For example, 3.456 would be an appropriate entry.

Answer 1

T = 2.797

Explanation:

The first step to solve this problem is finding how many degrees of freedom, we have. This is the sample size subtracted by 1. So

df = 25 - 1 = 24

99% confidence interval

Now, we have to find a value of T, which is found looking at the t table, with 24 degrees of freedom(y-axis) and a confidence level of
`1 - (1 - 0.99)/(2) = 0.995`. So we have T = 2.797