If the margin of error in an estimate for the mean weight of a shipment is + or -2 pounds at a confidence level of 95 percent, what will be the margin of error at a confidence level of 98 percent? Be sure to show how you arrived at your answer.
The z-value for a confidence level of 95% is 1.960, and for a confidence level of 98% is 2.326. The MoE at a confidence level of 98% will become: [tex]2\times\frac{2.326}{1.960}=2.373\ pounds[/tex]
