Help finding Confidence Intervals

  • Context: Undergrad 
  • Thread starter Thread starter rcode
  • Start date Start date
  • Tags Tags
    intervals
Click For Summary
SUMMARY

The discussion focuses on calculating confidence intervals for a jar containing 150 quarters, utilizing a discrete uniform distribution for the coins. The probabilities for each coin type are specified: quarter (0.31), penny (0.42), nickel (0.08), and dime (0.1702). The guidelines recommend treating the number of quarters as a random variable derived from a total population of coins, N, and applying a normal approximation to the distribution for accurate confidence interval estimation.

PREREQUISITES
  • Understanding of confidence intervals in statistics
  • Knowledge of discrete uniform distribution
  • Familiarity with probability concepts
  • Ability to apply normal approximation techniques
NEXT STEPS
  • Research methods for calculating confidence intervals using discrete distributions
  • Learn about normal approximation in statistics
  • Explore the implications of probability distributions on statistical outcomes
  • Study examples of random variable applications in real-world scenarios
USEFUL FOR

Students, statisticians, and data analysts seeking to understand confidence intervals and probability distributions in practical applications.

rcode
Messages
1
Reaction score
0
The problem states: I have 150 quarters. Calculate a confidence interval for the number of coins in my jar. The optimal change is always given. The distribution of coins are discrete uniform.

I have also found that probability of a quarter=.31, probability of a penny=.42, probability of a nickel=.08, and probability of a dime=.1702.

Guidlines suggest to say that q=# of quarters as random variable which comes from population of N=total number of coins as parameter. Use a normal approximation to the appropriate distribution.

Thanks for any help, I'm so stuck
 
Physics news on Phys.org
I don't understand your problem. You randomly fill a jar with coins (with known probability distribution) until you have 150 quarters in?
The optimal change is always given. The distribution of coins are discrete uniform.
How does this fit to the remaining problem statement?

Is this homework? Then it belongs to our homework section.
 

Similar threads

  • · Replies 18 ·
Replies
18
Views
4K
  • · Replies 6 ·
Replies
6
Views
4K
  • · Replies 22 ·
Replies
22
Views
7K
  • · Replies 7 ·
Replies
7
Views
4K
  • · Replies 4 ·
Replies
4
Views
3K
  • · Replies 9 ·
Replies
9
Views
12K
Replies
2
Views
3K
  • · Replies 10 ·
Replies
10
Views
3K
Replies
5
Views
3K
Replies
1
Views
2K