A random sample of 10 venture-capital investments in the fiber optics business sector yielded the following data, in millions of dollars. Determine a 95% confidence interval for the mean amount, u, of all venture-capital investments in the fiber optics business sector. Assume that the population standard deviation is $2.57 million. (Note: The sum of the data is $62.86 million.) 4.76 10.46 2.67 9.01 4.27 9.84 5.06 7.39 2.45 6.95 The confidence interval for u is from $ million to $ million. (Round to two decimal places as needed.)
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images