When finding confidence intervals, is it ok just to use the z-value up to two decimal places? I don't remember the question, but there was a question where using the calculated z-value (using inverse normal calculator) and 1.96 gave different 95% confidence intervals (to two decimal places)
Based on the study design, VCAA wants you to use 1.96 for the 95% confidence interval. What number did you use? It could simply be your method of calculating that z-value was wrong/you made a silly mistake somewhere, because you should've gotten 1.9600 (based on some random site's matlab calcs).
I have another question: I was wondering how they got the "n-1" part of the formula to get the sample variance. Or simply just what the formula means haha.
I thought it'd just be 'divide it by N' because mean X is equal to X/n... a bit confused with this tbh lmao.
Thanks in advance!
As a VCE student/stats major, see Rui's answer. He mentioned the t-distribution - you guys don't use it, you don't need to worry about it. As he said, the reason is somewhat complex. The easiest way to think of it first requires us defining the bias in a sample - and for that, we need to define an estimator.
Let's say our distribution has some parameter we're interested in (we'll call it lambda). Next, let's say we want to figure out what the value of lambda is. To do this, we might come up with a formula for it (as we do for the sample mean and sample variance). We call this an estimator of lambda, and normally notate it as lambda with a little arrow above it ("lambda hat"). Next, we can define the bias - that is, how much we expect this estimator to be different from the true value. We can calculate the bias in an estimator with the following equation:
=\mathbb{E}[\hat{\lambda}]-\lambda)
Obviously, if the bias is 0, then the expected value of our estimator and the value of our parameter should be the same. It turns out that if you do this for the sample variance, but divided by n instead of n-1, then you'll find that the the variance is slightly underestimated, by a factor of (n-1)/n. A consequence of this is that if your sample size is big enough, you don't actually see the bias. A much better way to do this, however, is to divide the estimator by (n-1)/n to remove the bias in the first place - this results in the formula where it's divided by n-1.
All of this is, of course, as Rui mentioned, outside of VCE. But, there's the reasoning in case you were interested.