Question
The amount of dollars that a Canadian household spends per year on insurance ances is normally distributed with a standard deviation of $1850. We have
The amount of dollars that a Canadian household spends per year on insurance ances is normally distributed with a standard deviation of $1850. We have selected a random sample of 15 households in Canada and obtained the expenditures following annual insurance policies: 5643 6574 8756 8453 6754 4350 3467 9845 6785 4376 6751 7412 9750 2345 6534. 1. Determine the point estimator of the average amount spent by all Canadian households to insure. 2. Construct the 99% level confidence interval of the mean sum spent by all Canadian households on insurance. Interpret this result.
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