Question

In: Statistics and Probability

The owner of a large equipment rental company wants to estimate the average number of days...

The owner of a large equipment rental company wants to estimate the average number of days a piece of equipment is rented out. A random sample of 14 rental invoices reveals the following number of days;

3       1       3       2       5       1       2       1     4       2       1       3       1       1

a. Determine the sample mean.

b. Determine the sample standard deviation.

c. Using the 99% level of confidence, determine the confidence interval for the population mean.

Solutions

Expert Solution

Given :

3       1       3       2       5       1       2       1 4       2       1       3       1       1

n = 14

degree of freedom,

df = n - 1 = 14-1 = 13

confidence interval for the population mean is ( 1.1024 , 3.1834 )

orchestra answered 1 year ago
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