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You may need to use the appropriate appendix table or technology to answer this question. Statista reports that the average monthly lease payment for an
You may need to use the appropriate appendix table or technology to answer this question. Statista reports that the average monthly lease payment for an automobile is falling in the United States, but does this apply to all classes of automobiles?'t Suppose you are interested in whether this trend is true for sport utility vehicles (SUVs). Consider the following hypothetical monthly lease payment data for 33 randomly selected SUVs in 2015 and 46 randomly selected SUVs in 2016. 2015 692 582 548 46 176 709 501 74 556 764 551 771 604 631 672 781 674 657 566 749 482 770 506 720 591 743 505 532 732 925 661 656 2016 393 104 435 589 607 562 639 198 154 489 452 588 524 521 78 570 603 527 486 379 563 387 444 658 615 756 394 487 612 587 600 628 537 350 587 .95 128 614 616 564 560 495 699 718 (a) Provide a point estimate (in $) of the difference between the population mean monthly lease payments for the two years. (Use SUVs in 2015 - SUVs in 2016. Round your answer to the nearest cent.) $ Interpret the point estimate. Using the price sample means v , the 2015 |mean monthly lease payment for an SUV differs from the 2016 mean monthly lease payment for an SUV by the amount of the point estimate. (b) Develop a 99% confidence interval estimate (in $) of the difference between the mean monthly lease payments in 2015 and 2016. (Use SUVs in 2015 - SUVs in 2016. Round your answers to the nearest cent.) $ to $ (c) Would you feel justified in concluding that monthly lease payments have declined from 2015 to 2016? Why or why not? Yes , because the 99% confidence interval | is completely above v | zero
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