Math Problem Statement
Construct
aa
99%
confidence interval for the population standard deviation
sigmaσ
at Bank B.
Solution
To calculate a 99% confidence interval for the population standard deviation () at Bank B, we will use the sample data you provided. The steps involve:
- Calculating the sample mean () and sample variance ().
- Applying the chi-square distribution to find the confidence interval bounds for the variance ().
- Deriving the confidence interval for the standard deviation.
Data for Bank B:
Let's compute the necessary values:
- Sample size () = 10 (since there are 10 values).
- Degrees of freedom () = .
- Sample mean and sample variance for the Bank B data.
Next, I'll calculate these and use the chi-square distribution to construct the 99% confidence interval. Give me a moment.The sample variance for Bank B is approximately , with a sample standard deviation of approximately .
For a 99% confidence interval for the population standard deviation () at Bank B, the interval is:
This means we are 99% confident that the true population standard deviation lies between 1.13 and 4.17.
Do you want further details on the process or have any questions? Here are 5 related questions to expand your understanding:
- How would the confidence interval change if the confidence level were 95%?
- How is the chi-square distribution used in estimating the variance?
- How would the confidence interval change if we had a larger sample size?
- Can this method be applied to non-normally distributed data?
- How do different levels of variance affect the reliability of service times at Bank B?
Tip: The wider your confidence interval, the less certain you are about the estimate, but you're more likely to capture the true parameter.
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Math Problem Analysis
Mathematical Concepts
Confidence Intervals
Standard Deviation
Chi-Square Distribution
Formulas
Variance: s^2 = Σ(x_i - x̄)^2 / (n - 1)
Confidence Interval for Variance: ( (n-1)s^2 / χ²_upper , (n-1)s^2 / χ²_lower )
Confidence Interval for Standard Deviation: ( √(lower bound), √(upper bound) )
Theorems
Chi-Square Distribution Theorem
Suitable Grade Level
Undergraduate Statistics
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