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 agoRelated Solutions
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Rental Processing Enter Number of Rental Days: Select Cat Type: Compact ...
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Enter Number of Rental Days:
Select Cat Type: Compact
Economy
Intermediate
Select Loss Damage Waiver: Yes
No
Select Roadside Issues Coverage: Yes
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Car Rental Price:
Optional items :
Sales Tax:
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