The data shown below represent the repair cost for a low-impact collision in a simple random sample of mini- and micr...
The data shown below represent the repair cost for a low-impact collision in a simple random sample of mini- and micro-vehicles. $3148 $1758 $1071 $3345 $743 $2061 $663 $2674 $773 $1381. Construct and interpret a 95% confidence interval for population mean cost of repair.
Homework Answers
sample mean, xbar = 1761.7
sample standard deviation, s = 1010.7736
sample size, n = 10
degrees of freedom, df = n - 1 = 9
Given CI level is 95%, hence α = 1 - 0.95 = 0.05
α/2 = 0.05/2 = 0.025, tc = t(α/2, df) = 2.26
ME = tc * s/sqrt(n)
ME = 2.26 * 1010.7736/sqrt(10)
ME = 722.374
CI = (xbar - tc * s/sqrt(n) , xbar + tc * s/sqrt(n))
CI = (1761.7 - 2.26 * 1010.7736/sqrt(10) , 1761.7 + 2.26 *
1010.7736/sqrt(10))
CI = (1039.33 , 2484.07)
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