Discuss the below:
Q1 Explain the Central limit theorem in your own words. What is the value of it? What assumption does one have to make when using it?
Q2 You have a process that has a Mean of 22.5 and a standard deviation of 5.5, taken from a sample survey of n = 25. Produce a 90% confidence interval. Produce a 99% confidence interval. Compare the 2 intervals to each other and, in your own words explain the difference, in use of the two.
Q3 You took a survey on average time from submission of federal income tax using a computer based application and the person E-filed. The average time was 14.5 days with a 4.8 day standard deviation. The data came from a survey of 22 people contacted, randomly. Construct a 95% confidence interval. The federal government asserts that, from date of file to the recipient's receipt of refund averages 11 days. Agree or Disagree and why?