(L&K 4.23) Suppose that 7.3, 6.1, 3.8, 8.4, 6.9, 7.1, 5.3, 8.2, 4.9, 5.8 are 10 observations taken from a distribution with unknown mean μ. Compute X(10), S² (10), and an approximate 95 percent confidence interval for u.
Confidence Interval: It is possible to measure the overall population mean by establishing a confidence interval for the average. A confidence interval produces a lower prediction and an upper prediction rather than presenting the average as a single statistic. A study draws various samples at random from an identical population and optimizes a confidence interval for each sample to ensure how precisely perhaps it would correspond to the actual value of the population parameter. The obtained statistics are all distinctive, with some sections including that of the real population parameter as well as others not.
In the given scenario, 10 observations are taken randomly from a distribution. We need to calculate the mean, variance, and 95% confidence interval using the given data.
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