You would like to construct a 99% confidence interval to estimate the population mean score on a nationwide examination in finance, and for this purpose wechoose a random sample of exam scores. The sample we choose has a mean of 514 and a standard deviation of 70.(a) What is the best point estimate, based on the sample, to use for the population mean?(b) For each of the following sampling scenarios, determine which distribution should be used to calculate the critical valuefor the 99% confidence interval for the population mean.(In the table, 2 refers to a standard normal distribution, and refers to ar distribution.)CheckSampling scenarioThe sample has size 11, and it is from a normally distributedpopulation with an unknown standard deviation.The sample has size 105, and it is from a non-normally distributedpopulation with a known standard deviation of 77.The sample has size 75, and it is from a non-normally distributedpopulation.O1OOOOOCould useeither ZorOOOUnclearOOOSave For LaterGSubesit Assignment

As we know that sample mean is an unbiased estimate of the population mean. also it is a consistent…

Answered: You would like to construct a 99%…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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