A random sample of 10 venture-capital investments in the fiber optics business sector yielded the following data, in millions of dollars. Determine a 95% confidence interval for the mean amount, µ, of all venture-capital investments in the fiber optics business sector. Assume that the population standard deviation is $2.02 million. (Note: The sum of the data is $61.48 million.) 8.21 4.47 8.19 2.39 6.84 10.86 5.71 3.88 2.62 8.31 The confidence interval for u is from S million to $ million. (Round to two decimal places as needed.)
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
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