There is a 99% chance that the value may fall between 237.167 and 242.833
Confidence interval shows the range of values for which a random sample might be.
The z score of 99% confidence interval is 2.576. sample = 1470, mean = 240 and standard deviation = 42.17. Hence, margin of error (E) is:
[tex]E = z_\frac{\alpha }{2}*\frac{standard\ deviation}{\sqrt{sample\ size} } =2.576*\frac{42.17}{\sqrt{1470} } =2.833[/tex]
The confidence interval = mean ± E = 240 ± 2.833 = (237.167, 242.833)
There is a 99% chance that the value may fall between 237.167 and 242.833
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