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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