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

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.