is the final answer.
Steps
Step 1 :Given a confidence level of , this leaves of the data in the tails of the distribution. This is split evenly between the two tails, so we have in each tail.
Step 2 :The value of is the area in the tails, so . Therefore, .
Step 3 :We want to find the -score that leaves an area of in the upper tail of the standard normal distribution.
Step 4 :We can use the standard normal distribution table or a calculator with a function for the standard normal distribution to find this -score.
Step 5 :Looking up in the standard normal distribution table, we find a -score of approximately .
Step 6 :Therefore, the critical value needed to construct a confidence interval with level is approximately .
Step 7 :Checking our result, we see that a -score of does indeed leave an area of in the upper tail of the standard normal distribution, so our result meets the requirements of the problem.
Step 8 :So, the critical value needed to construct a confidence interval with level is approximately (rounded to two decimal places).
Step 9 : is the final answer.