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shier) You are interested in purchasing a new car. One of the many points you wish to consider is the resale value of the car
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You are interested in purchasing a new car. One of the many points you wish to consider is the resale value of the car after 5 years. Since you are particularly interested in a certain foreign sedan, you decide to estimate the resale value of this car with a 99% confidence interval. You manage to obtain data on 17 recently resold 5-year-old foreign sedans of the same model. These 17 cars were resold at an average price of $12,640 with a standard deviation of $700. Suppose that the interval is calculated to be (12144, 13136). How could the sample size and the confidence coefficient be altered in order to guarantee a decrease in the width of the interval? O A. Decrease the sample size but increase the confidence coefficient. O B. Keep the sample size the same but increase the confidence coefficient. O C. Increase the sample size but decrease the confidence coefficient. O D. Increase the sample size and increase the confidence coefficientStep by Step Solution
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