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, u, 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 90% confident that its estimate is within 175 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). (If necessary, consult a list of formulas.)

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, u, 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 90% confident that its estimate is within 175 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). (If necessary, consult a list of formulas.)

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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Concept explainers

Confidence Intervals

When we calculate intervals in probability and statistics, it can be simply termed as finding out a confidence interval. The confidence interval is usually calculated from the data set which is observed. The value of the parameter that needs to be calculated is present here only.

Question

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 90% confident that its estimate is within 175 miles per month of u?
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).
(If necessary, consult a list of formulas.)

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