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4. Interval estimate of the variance You have a sample of 26, with the mean of = 50 dollars. The sample variance is 2 =

4. Interval estimate of the variance You have a sample of 26, with the mean of = 50 dollars. The sample variance is 2 = 2 dollars squared. Produce an interval estimate of the population variance with the confidence level of 90%. (a) Find . State the probability values you will be using as boundaries for your interval estimate. Which score/statistic will you be using to convert probabilities to deviations from the mean? Explain why. 1(0.050,1) = 1.64 1(0.950,1) = +1.64 1(0.0525) = +14.61 1(0.9525) = +37.65 1(0.125) = +16.47 1(0.925) = +34.38 (b) Use the formula for the score/statistic that you chose in (a) to solve for the boundary values of the population mean interval estimate. (c) Draw the probability density map. Point out the confidence level, the estimate boundaries, and the alpha.

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