3.93 Automobile Depreciation For a random sample of 20 automobile models, we record the value of...

3.93 Automobile Depreciation For a random sample of 20 automobile models, we record the value of the model as a new car and the value after the car has been purchased and driven 10 miles.⁴⁷ The difference between these two values is a measure of the depreciation on the car just by driving it off the lot. Depreciation values from our sample of 20 automobile models can be found in the dataset CarDepreciation.

Find the mean and standard deviation of the Depreciation amounts in CarDepreciation.
Use StatKey or other technology to create a bootstrap distribution of the sample mean of depreciations. Describe the shape, center, and spread of this distribution.
Use the standard error obtained in your bootstrap distribution to find and interpret a 95% confidence interval for the mean amount a new car depreciates by driving it off the lot.

Notes: Please solve using Rstudio. show all work, including Rstudio code. Also, You will need to make a bootstrap distribution in this one.

Thank you

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Expert Solution

Colby Messinger answered 1 year ago

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