Here are the essential concepts you must grasp in order to answer the question correctly.
Confidence Interval
A confidence interval is a range of values, derived from sample statistics, that is likely to contain the true population parameter. It is expressed as an interval (e.g., (21.61, 30.15)) and is associated with a confidence level, typically 95% or 99%, indicating the degree of certainty that the interval contains the parameter.
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Margin of Error
The margin of error quantifies the uncertainty associated with a sample estimate. It is calculated as half the width of the confidence interval, representing the maximum expected difference between the sample statistic and the population parameter. In this case, it can be found by subtracting the lower limit from the upper limit of the interval and dividing by two.
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Sample Mean
The sample mean is the average of a set of sample observations and serves as a point estimate of the population mean. It is calculated by summing all sample values and dividing by the number of observations. In the context of a confidence interval, the sample mean is typically the midpoint of the interval, providing a central value around which the margin of error is applied.
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