You have these questions on your website, and you have the answer for 95%, please compute a 98% confidence interval. Only compute a 98% confidence interval. Cost to Repair Fire Damage, The mean cost to repair the smoke and fire damage that results from home fires of all causes is $11,389 (HomeAdvisor). How does the damage that results from home fires caused by careless use of tobacco compare? The file TobaccoFires provides the cost to repair smoke and fire damage associated with a sample of 55 fires caused by careless use of tobacco products. Using past years’ data, the population standard deviation can be assumed known with cr = $3027. What is the 95% confidence interval estimate of the mean cost to repair smoke and fire damage that results from home fires caused by careless use of tobacco?  compute also a 98% confidence interval.

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 + ...