Question

What is the purpose of two confidence intervals and please give an example

Answer 1

ANSWER:-

Purpose of confidence interval:-

• The motivation behind certainty interims is to give us a scope of qualities for our assessed populace parameter as opposed to a solitary worth or a point gauge.
• The evaluated certainty interim gives us a scope of qualities inside which we accept with certain likelihood (certainty level), that the genuine populace worth falls.
• For example, whenever rehashed tests were taken and the 95% certainty interim for the mean was registered for each example, 95% of the interims would contain the populace mean.
• We expect that 5% of the interim would not contain the genuine worth.
• The issue is that for any single interim, we don't know for sure that it will incorporate the genuine worth; yet we realize that the chances of it including the genuine worth is a lot higher than the chances of not containing it.

Example:-

I assume the blow values

Given data,

Where,

  

99% confidence interval value from z table is 2.58