In: Statistics and Probability
Small Mean Problem. Grandfather clocks have a particular market in auctions. You are given a random sample of 20 purchases of grandfather clocks at auctions in Pennsylvania. The sample statistics are:
You are asked to create a 90% Confidence Interval around the price for this sample.
The t-value you would use is? I just want the answer. Use 3 decimal places for your answer and use the proper rules of rounding.
Given that, sample size (N) = 20
Degrees of freedom = N - 1 = 20 - 1 = 19
confidence level = 0.90
=> significance level = 1 - 0.90 = 0.10
Using t-critical value at significance level of 0.10 with 19 degrees of freedom is, tcrit = ± 1.729
=> t-critical value = 1.729