Population standard deviation
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*** The information that needs to be referenced is attached as an excel spreadsheet. This is what the assignment is referring to when it says “selected topic”. All of the answers you come up with will be based on the excel spreadsheet information.
- Find the best point estimate of the population mean.
- Construct two confidence intervals for the population mean: a 95% confidence interval and a 99% confidence interval. Assume that your data is normally distributed and the population standard deviation is unknown.
- Please show your work for the construction of these confidence intervals and be sure to format your equations to fit the appropriate form (may need editing here).
- Write a paragraph that correctly interprets the confidence intervals in context of your selected topic.
- Compare and contrast your findings for the 95% and 99% confidence intervals.
- Did you notice any changes in your interval estimate? Explain.
- What conclusion(s) can be drawn about your interval estimates when the confidence level is increased? Explain
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