Question

In: Statistics and Probability

The monthly incomes of 14 randomly selected individuals who have recently graduated with a? bachelor's degree...

The monthly incomes of 14 randomly selected individuals who have recently graduated with a? bachelor's degree in economics have a sample standard deviation of $344.

Construct a confidence interval for the population variance

?2 and the population standard deviation ?.

Use a 99% level of confidence. Assume the sample is from a normally distributed population.

What is the confidence interval for the population variance ?2??

Solutions

Expert Solution

the formula for confidence interval for the variance is

where

n = 14

s = 344

= 29.82 with degree of freedom = n-1 = 14-13

= 3.57 with degree of freedom = n-1 = 14-13


setting the given values in the above formula, we get =

So, the 99% confidence interval for the population variance is (51588.46, 430915.41)

orchestra answered 2 years ago
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