SOLUTION: In study of auto-mobile collision insurance cost, a random sample of 40 body repair costs on a particular kind of damage had a mean of $432.56 and a standard deviation of $67.31. F

Question 1009833: In study of auto-mobile collision insurance cost, a random sample of 40 body repair costs on a particular kind of damage had a mean of $432.56 and a standard deviation of $67.31. Find the 99% confidence limits for the true mean cost of this kind of body repair.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
In study of auto-mobile collision insurance cost, a random sample of 40 body repair costs on a particular kind of damage had a mean of $432.56 and a standard deviation of $67.31. Find the 99% confidence limits for the true mean cost of this kind of body repair.
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x-bar = 432.56
ME = 2.5758 = 27.41
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99% CI:: 432.56 - 27.41 < u < 432.56 + 27.41
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Cheers,
Stan H.
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