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Explain how to find the value for 96% confidence level.
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Answer
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Step 1: Understand the problem
We need to find the value of the z-score for a 96% confidence level. In statistics, the z-score represents the number of standard deviations a given value is from the mean in a normal distribution. A 96% confidence level means that we're looking for the z-score that corresponds to the middle 96% of the data in a normal distribution.
Step 2: Recall the formula for the z-score
where $X$ is the value, $\mu$ is the mean, and $\sigma$ is the standard deviation.
The z-score can be calculated using the following formula: However, in this case, we're not looking for a specific z-score but rather the z-score that corresponds to the 96% confidence level.
Final Answer
The value of the z-score for a 96% confidence level is 2.55.
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