For an insurance policy, the average monthly cost over 100 months for replication r (r = 1, 2, 3, 4, 5, 6) is given by [$ 243.71, $236.36, $235.78, $ 251.06, $233.89, $251.90] Estimate long-run mean monthly cost with a 90% confidence interval. Using the results of part (a) estimate the total number of replications needed to estimate mean monthly cost within $6.00
For an insurance policy, the average monthly cost over 100 months for replication r (r = 1, 2, 3, 4, 5, 6) is given by [$ 243.71, $236.36, $235.78, $ 251.06, $233.89, $251.90] Estimate long-run mean monthly cost with a 90% confidence interval. Using the results of part (a) estimate the total number of replications needed to estimate mean monthly cost within $6.00
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.3: Measures Of Spread
Problem 1GP
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![For an insurance policy, the
average monthly cost over 100
months for replication r (r
= 1, 2, 3, 4, 5, 6) is given by [$
243.71, $236.36, $235.78, $
251.06, $233.89, $251.90]
Estimate long-run mean
monthly cost with a 90%
confidence interval.
Using the results of part (a)
estimate the total number of
replications needed to estimate
mean monthly cost within $6.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2f78a3a6-4782-4913-ac8c-1eaf126e73a8%2Faaa6107c-3a68-48d0-80d3-53272a1cc689%2Fnvp8f8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:For an insurance policy, the
average monthly cost over 100
months for replication r (r
= 1, 2, 3, 4, 5, 6) is given by [$
243.71, $236.36, $235.78, $
251.06, $233.89, $251.90]
Estimate long-run mean
monthly cost with a 90%
confidence interval.
Using the results of part (a)
estimate the total number of
replications needed to estimate
mean monthly cost within $6.00
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