Problem

Find the critical value zα/2 needed to construct a confidence interval with level 86%.
Round the answer to two decimal places.

Answer

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Answer

1.48 is the final answer.

Steps

Step 1 :Given a confidence level of 86%, this leaves 14% of the data in the tails of the distribution. This 14% is split evenly between the two tails, so we have 7% in each tail.

Step 2 :The value of α is the area in the tails, so α=0.14. Therefore, α/2=0.07.

Step 3 :We want to find the z-score that leaves an area of 0.07 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 z-score.

Step 5 :Looking up 10.07=0.93 in the standard normal distribution table, we find a z-score of approximately 1.48.

Step 6 :Therefore, the critical value zα/2 needed to construct a confidence interval with level 86% is approximately 1.48.

Step 7 :Checking our result, we see that a z-score of 1.48 does indeed leave an area of 0.07 in the upper tail of the standard normal distribution, so our result meets the requirements of the problem.

Step 8 :So, the critical value zα/2 needed to construct a confidence interval with level 86% is approximately 1.48 (rounded to two decimal places).

Step 9 :1.48 is the final answer.

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