Last year, Groton, Georgia, had 512 burglaries. The police chief wants to know the average economic loss associated with burglaries in Groton, and he wants to know this afternoon! Because there isn’t time to analyze all 512 burglaries, the department’s research analyst selects ten burglaries (n = 10) at random, showing the following losses: $550, $675, $324, $487, $1246, $874, $595, $835, $910, $612 a. Calculate the sample mean. b. Use the equation below to calculate the sample standard deviation: s=under squared (x- bar x)squared/n-1 c. Use the equation below to calculate a confidence interval using a 95% confidence level: ci= bar x +- z [s/n squared] d. What does the confidence interval tell us? Explain the c

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...