# What can you tell the department?there were 512 burglaries in Groton, Georgia. The police chief wants toLastyearknow the average economic loss associated with burglaries in Groton and wantsto know it this afternoon. There isn't time to analyze all 512 burglaries, so thedepartment's research analyst selects 10 burglaries at random, which show thefollowing losses:10.7\$1,550\$1,874\$1,675\$2,595\$1,324\$1,835\$1,487\$1,910\$2,246\$1,612What is the best estimate of the average loss on a burglary? Place 80% confidencelimits around this estimate

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Asked Nov 11, 2019
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Is it possible for you to compute this on excel?

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Step 1

The best estimate of the average loss on burglaries is the sample mean of the losses.

The sample mean (point estimate of the average loss on a burglary) is calculated as follows:

Step 2

The sample standard deviation i...

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