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At a computer manufacturing company, the actual size of computer chips is normally distributed with a mean of 1 centimeter and a standard deviation of 0.1 centimeter. A random sample of 12 computer chips is taken. What is the probability that the sample mean will be between 0.99 and 1.01 centimeters?
Population Standard Deviation
A measure of the dispersion or variability of a set of data points in a population, indicating how much each member differs from the population mean.
Confidence Level
The probability or percentage that specifies how confident one is in a statistical estimate or interval to contain the true parameter of the population.
Confidence Interval
A range of values, derived from sample statistics, that is likely to contain the value of an unknown population parameter at a specified confidence level.
Population Mean
The mean value of all the elements within a population.
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