A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
10th Edition
ISBN: 9780134753119
Author: Sheldon Ross
Publisher: PEARSON
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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.

Smoke and Fire Cost
Mean
19100
Standard Error
406.209178
Median
19042
Mode
#N/A
Standard Deviation
3012.527891
Sample Variance
9075324.296
Kurtosis
-1.073940579
Skewness
-0.146473098
Range
10381
Minimum
13561
Мaximum
23942
Sum
1050500
Count
55
From the output, the mean value is 19,100 and the number of taxes
is 55.
The formula of confidence interval for population mean is as
follows:
From "Table 8.1 value of zg ", the value of :
for the 95%
confidence interval is 1.96.
The value of confidence interval for population mean is as follows:
3,027
19, 100 ± 1.96-
V55
19, 100 + (1.96х 407.95)
= 19, 100 ± 799.582
= (19, 100 – 800, 19, 100 + 800)
= (18, 300, 19,900)
expand button
Transcribed Image Text:Smoke and Fire Cost Mean 19100 Standard Error 406.209178 Median 19042 Mode #N/A Standard Deviation 3012.527891 Sample Variance 9075324.296 Kurtosis -1.073940579 Skewness -0.146473098 Range 10381 Minimum 13561 Мaximum 23942 Sum 1050500 Count 55 From the output, the mean value is 19,100 and the number of taxes is 55. The formula of confidence interval for population mean is as follows: From "Table 8.1 value of zg ", the value of : for the 95% confidence interval is 1.96. The value of confidence interval for population mean is as follows: 3,027 19, 100 ± 1.96- V55 19, 100 + (1.96х 407.95) = 19, 100 ± 799.582 = (19, 100 – 800, 19, 100 + 800) = (18, 300, 19,900)
Expert Solution
To determine
Find the 95% confidence interval for the mean cost of repairing
smoke and fire damages due to careless use of tobacco.
Compare the mean cost to repair the smoke with fire damages of
homes in all the cases.
Answer to Problem 9E
The 95% confidence interval for the mean cost of repairing smoke
and fire damages due to careless use of tobacco is (18, 300, 19,900).
Explanation of Solution
Calculation:
The given information is that the average cost to repair the smoke
and fire damages from home fires in any cause is $11,389. The
sample of 55 fires caused the careless use of tobacco products. The
population standard deviation is $3,027.
Software Procedure:
Step-by-step procedure to obtain the mean value using Excel:
• In Excel sheet, enter Smoke and Fire Cost in one column.
In Data, select Data Analysis and choose Descriptive
Statistics.
• In Input Range, select Variable and click Labels in First Row.
• Select Summary Statistics.
• Click Ok.
Output using Excel is given below:
expand button
Transcribed Image Text:Expert Solution To determine Find the 95% confidence interval for the mean cost of repairing smoke and fire damages due to careless use of tobacco. Compare the mean cost to repair the smoke with fire damages of homes in all the cases. Answer to Problem 9E The 95% confidence interval for the mean cost of repairing smoke and fire damages due to careless use of tobacco is (18, 300, 19,900). Explanation of Solution Calculation: The given information is that the average cost to repair the smoke and fire damages from home fires in any cause is $11,389. The sample of 55 fires caused the careless use of tobacco products. The population standard deviation is $3,027. Software Procedure: Step-by-step procedure to obtain the mean value using Excel: • In Excel sheet, enter Smoke and Fire Cost in one column. In Data, select Data Analysis and choose Descriptive Statistics. • In Input Range, select Variable and click Labels in First Row. • Select Summary Statistics. • Click Ok. Output using Excel is given below:
Expert Solution
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