The margin of error (m) for the 95% confidence interval for μ, the mean waiting time in minutes is a measure of the accuracy of the statistical estimate that is created. the sample estimate is likely to differ from the true population parameter by ±0.525 units.
Margin of error (m) for the 95% confidence interval for μ, the mean waiting time in minutes is a measure of the accuracy of the statistical estimate that is created. The margin of error helps one define the range of values that lie on either side of the sample estimate and the population parameter. The margin of error formula is given by; E = z * σ / √n Where E is the margin of error, σ is the population standard deviation, n is the sample size, and z is the standard normal critical value that corresponds to the level of confidence in the interval estimate.
For the 95% confidence interval, the value of z is 1.96.The formula can be rearranged to solve for σ which is given by;
σ = E * √n / z
If the margin of error (E) is known, and the sample size (n) and level of confidence (95%) is given, one can calculate the margin of error using the formula.
Therefore, the margin of error (m) for the 95% confidence interval for μ, the mean waiting time in minutes is given by;
m = E * √n / z
E = 0.35, z = 1.96,
and n = 225m = 0.35 * √225 / 1.96
m = 0.035 * 15m = 0.525
The margin of error for the 95% confidence interval for μ, the mean waiting time in minutes is 0.525. This means that the sample estimate is likely to differ from the true population parameter by ±0.525 units.
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