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A confidence interval is a statistical measure that indicates a range of values around an estimate, within which the true parameter is expected to lie with a certain probability. It is commonly used to express uncertainty in estimates or predictions.
Interpretation of Confidence Interval:
A 95% confidence interval means that in about 95% of repeated sampling, the true parameter is expected to fall within the interval. The interval provides a measure of how confident or uncertain we are about our estimate.
Calculation of Confidence Interval:
The general formula for a confidence interval is: \[ \text = \text \pm \text \times \text \]
Example:
Suppose we estimate the average of a population based on a sample. A 95% confidence interval might state: "We are 95% confident that the true average of the population lies between 68 and 72."