In a study of automobile collision insurance costs, a random sample of 80 body repair costs for
Question:
In a study of automobile collision insurance costs, a random sample of 80 body repair costs for a particular kind of damage had a mean of \(\$ 472.36\) and a standard deviation of \(\$ 62.35\). If \(\bar{x}=\$ 472.36\) is used as a point estimate of the true average repair cost of this kind of damage, with what confidence can one assert that the error does not exceed \(\$ 10\) ?
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Probability And Statistics For Engineers
ISBN: 9780134435688
9th Global Edition
Authors: Richard Johnson, Irwin Miller, John Freund
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