Best point estimate, confidence intervals

Using the same data set and variables for your selected topic, add the following information to your analysis:Discuss the importance of constructing confidence intervals for the population mean.

1. • What are confidence intervals?
   • What is a point estimate?
   • What is the best point estimate for the population mean? Explain.
   • Why do we need confidence intervals?
2. Find the best point estimate of the population mean.
3. Construct two confidence intervals for the population mean: a 95% confidence interval and a 99% confidence interval. Assume that your data is normally distributed and the population standard deviation is unknown.
   • Please show your work for the construction of these confidence intervals and be sure to format your equations to fit the appropriate form (may need editing here).
4. Write a paragraph that correctly interprets the confidence intervals in context of your selected topic.
5. Compare and contrast your findings for the 95% and 99% confidence intervals.
   • Did you notice any changes in your interval estimate? Explain.
   • What conclusion(s) can be drawn about your interval estimates when the confidence level is increased? Explain.

   • Sample Standard Deviation, s	8.924336687437
     Variance (Sample Standard), s2	79.643785310734
     Population Standard Deviation, σ	8.8496547327502
     Variance (Population Standard), σ2	78.316388888889
     Total Numbers, N	60
     Sum:	3709
     Mean (Average):	61.816666666667
     Standard Error of the Mean (SEx̄):	1.152126912213