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Confidence interval: 99%

Confidence interval: 99%

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Hello,
 
Lecture 58 (see at 6:20).
 
When choosing the confidence interval of 99%, hence an alpha of 1%, can you please explain why did you choose the value 0.9951 and not 0.9949?
 
Both of these are equidistant to 0.995, and therefore, I was wondering if there was a general rule when rounding it or if this was just arbitrary.
 
I look forward to hearing from you,
 
Kind regards,
Jake

1 Answer

365 Team
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Hello, Jake Lang!
 
That was arbitrary.
 
Either way, the result would be the same. 0.9951 is a bit (like a reeeally tiny bit) stricter than 0.9949.
 
If you are using software, then you would get the exact value: 0.995, instead of dealing with the table!
 
Best,
The 365 Team

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