Assignment:
You have to compute a confidence interval for the expected value of a random variable. Using a standard procedure, you take a random sample of size N = 20, and the sample statistics are X- = 13.38 and S = 4.58.
• Compute a confidence interval at level 95%.
• If you take additional observations, raising sample size to N = 50, how large do you expect the new confidence interval be? What hypothesis are you making in your reasoning?
Provide complete and step by step solution for the question and show calculations and use formulas.