The Lagrange error bound gives an upper bound on the absolute error between an actual value and its approximation using a Taylor polynomial. It helps determine how close our estimation is to the true value.
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Absolute error measures how far off an estimated value is from its true value without considering direction or sign.
Convergence Interval: The convergence interval specifies which values we can use as inputs for our approximating polynomials while maintaining accuracy within certain bounds.
Degree of the Polynomial: The degree of the polynomial used in a Taylor approximation determines how many terms are included and affects the accuracy of the estimation.