The weight of a product is measured in pounds. A sample of 50 units is taken from a batch. The sample yielded the following results: = 75 lbs., and s = 10 lbs.
Calculate a 99 percent confidence interval for μ.
M = 75
S = 10
Compute standard error SE = S / SQRT(n) = 10 / SQRT(50) ...
The solution provides a brief explanation on how to calculate a 99% confidence interval for μ, using equations.