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1. A point estimate is a single value estimate of a parameter. For instance, a sample mean is a point estimate of a population mean.
2. A confidence interval is the most common type of interval estimate.
The critical value for and degrees of freedom is
The corresponding confidence interval is computed as shown below:
Therefore, based on the data provided, the 95% confidence interval for the population mean is which indicates that we are 95% confident that the true population mean is contained by the interval