In cell C3 of the following sample Excel sheet, select the value of the mean. Ho

Question

In cell C3 of the following sample Excel sheet, select the value of the mean. Horizontal Error, x 0.0028 0.0015 -0.0052 0.0052 0.0016 Mean Standard Error Median Mode Standard Deviation Sample Variance Kurtosis Skewness Range Minimumm 0.00118 | 0.001728699 0.0016 #N/ A 0.003865488 0.000014942 2.777270793 -1.373334017 0.0104 -0.0052 0.0052 0.0059 5 6 9 10 12 13 14 15 16 Sum Count Margin of Error In cell C16 of the sample spreadsheet, enter the formula for computing the margin of error when the confidence level is 95%. From this formula you obtain a margin of error of CONFIDENCE was used instead of CONFIDENCE.NORM.) . (Note: In Excel versions prior to 2010, the function You can be 95% confident that the population mean of the horizontal error is between your answer to 4 decimal places.) and . (Round

Explanation / Answer

Solution:

From the given data, we have

Sample mean = Xbar = 0.00118

Sample standard deviation = S = 0.003865488

Sample size = n = 5

Confidence level = c = 95% = 0.95

Level of significance = = 1 – c = 1 – 0.95 = 0.05

/2 = 0.05/2 = 0.025

df = n – 1 = 5 – 1 = 4

Critical t value = 2.7764

(By using t-table or excel command =tinv(0.05,4))

SE = Standard error of the mean = S/sqrt(n) = 0.003865488/sqrt(5) = 0.001729

Margin of error = t*SE = 2.7764*0.001729 = 0.0048

Margin of error = 0.0048

Confidence interval = Xbar -/+ Margin of error

Lower limit = Xbar – margin of error

Lower limit = 0.00118 – 0.0048 = -0.0036

Upper limit = Xbar + margin of error

Upper limit = 0.00118 + 0.0048 = 0.0060

You can be 95% confident that the population mean of the horizontal error is between -0.0036 and 0.0060.

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