A consumer advocacy group is conducting a large study on car rental practices. Among other objectives, the group aims to estimate the mean monthly mileage, $ \mu $, of cars rented in the U.S. over the past year. They plan to select a random sample of monthly U.S. rental car mileages and estimate $ \mu $ using the mean of this sample.Given a standard deviation of 850 miles per month for U.S. rental car mileages from the past year, the question is: What is the minimum sample size needed for the group to be 99% confident that their estimate is within 150 miles per month of $ \mu $?Carry out intermediate computations to at least three decimal places. Provide your final answer as a whole number, ensuring it is the smallest whole number meeting the requirements.

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Description: A consumer advocacy group is conducting a large study on car rental practices. Among other objectives, the group aims to estimate the mean monthly mileage, $ \mu $, of cars rented in the U.S. over the past year. They plan to select a random sample

It is given that confidence level is 0.99, standard deviation is 850 and margin of error E is 150.

Math

Statistics

A consumer advocacy group is doing a large study on car rental practices. Among other things, the consumer group would like to estimate the mean monthly mileage, µ, of cars rented in the U.S. over the past year. The consumer group plans to choose a random sample of monthly U.S. rental car mileages and then estimate u using the mean of the sample. Using the value 850 miles per month as the standard deviation of monthly U.S. rental car mileages from the past year, what is the minimum sample size needed in order for the consumer group to be 99% confident that its estimate is within 150 miles per month of µ? Carry your intermediate computations to at least three decimal places. Write your answer as a whole number (and make sure that it is the minimum whole number that satisfies the requirements).

A consumer advocacy group is doing a large study on car rental practices. Among other things, the consumer group would like to estimate the mean monthly mileage, µ, of cars rented in the U.S. over the past year. The consumer group plans to choose a random sample of monthly U.S. rental car mileages and then estimate u using the mean of the sample. Using the value 850 miles per month as the standard deviation of monthly U.S. rental car mileages from the past year, what is the minimum sample size needed in order for the consumer group to be 99% confident that its estimate is within 150 miles per month of µ? Carry your intermediate computations to at least three decimal places. Write your answer as a whole number (and make sure that it is the minimum whole number that satisfies the requirements).

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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A consumer advocacy group is doing a large study on car rental practices. Among other things, the consumer group would like to estimate the mean monthly mileage, μ, of cars rented in the U.S. over the past year. The consumer group plans to choose a random sample of monthly U.S. rental car mileages and then estimate μ using the mean of the sample. Using the value 800 miles per month as the standard deviation of monthly U.S. rental car mileages from the past year, what is the minimum sample size needed in order for the consumer group to be 90% confident that its estimate is within 100 miles per month of μ? Carry your intermediate computations to at least three decimal places. Write your answer as a whole number (and make sure that it is the minimum whole number that satisfies the requirements).
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