Formula:
The Confidence Interval for the Median is determined by first ordering the sample data from smallest to largest. For a given sample size (n) and desired confidence level (1 - α), two specific order statistics (ranked data points) are identified as the lower and upper bounds of the interval. This process relies on the binomial distribution, where the interval [X(k), X(n-k+1)] (where X(i) is the i-th ordered data point) is chosen such that the probability P(Median is within X(k) and X(n-k+1)) is at least (1 - α).