What is the z-score for 99% confidence interval?
The z-score for a two-sided 99% confidence interval is 2.807, which is the 99.5-th quantile of the standard normal distribution N(0,1).
How to calculate confidence interval?
To calculate a confidence interval (two-sided), you need to follow these steps:
- Let's say the sample size is
100. - Find the mean value of your sample. Assume it's
3. - Determine the standard deviation of the sample. Let's say it's
0.5. - Choose the confidence level. The most common confidence level is
95%. - In the statistical table find the Z(0.95)-score, i.e., the 97.5th quantile of N(0,1) – in our case, it's
1.959. - Compute the standard error as
σ/√n = 0.5/√100 = 0.05. - Multiply this value by the z-score to obtain the margin of error:
0.05 × 1.959 = 0.098. - Add and subtract the margin of error from the mean value to obtain the confidence interval. In our case, the confidence interval is between 2.902 and 3.098.
What is a confidence interval?
$1.96$ is used because the $95\%$ confidence interval has only $2.5\%$ on each side. The probability for a $z$ score below $-1.96$ is $2.5\%$, and similarly for a $z$ score above $+1.96$; added together this is $5\%$. $1.64$ would be correct for a $90\%$ confidence interval, as the two sides ($5\%$ each) add up to $10\%$.
To Find a critical value for a 90% confidence level.
Step 1: Subtract the confidence level from 100% to find the α level: 100% – 90% = 10%.
Step 2: Convert Step 1 to a decimal: 10% = 0.10.
Step 3: Divide Step 2 by 2 (this is called “α/2”). 0.10 = 0.05. This is the area in each tail.
Step 4: Subtract Step 3 from 1 (because we want the area in the middle, not the area in the tail): 1 – 0.05 = .95.
Step 5: Look up the area from Step in the z-table. The area is at z=1.645. This is your critical value for a confidence level of 90%.
http://www.statisticshowto.com/find-a-critical-value/
hope this helps