From the course: Everyday Statistics, with Eddie Davila

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The value of my change

The value of my change

From the course: Everyday Statistics, with Eddie Davila

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The value of my change

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- [Instructor] Many of us accumulate change. We throw it into containers in our home. We save them up for a special purchase, or maybe we save them for a rainy day. In a way, it's fun to have a mysterious amount of money. On the other hand, if I need it, I'd like to know how much money is in there. I have a change container. I decided I wanted to use statistics to figure out how much money might be in that container. What did I do? I decided to create a confidence interval using this formula. X bar is the sample mean. We'll use the Z-score for a 95% confidence level which is 1.96, and we'll also need to calculate a sampling error. So first, I needed a sample. I took a very small handful of coins from the container. My sample ended up being 15 coins. So 15 was my sample size. The value of the 15 coins was $1.73. This value, $1.73, is what I used as the sample mean, X bar. Remember, my Z-score for a 95% confidence…

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