Answered: Sample Size You work in the leasing…

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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1.) Sample Size
You work in the leasing office of GE capital and wish to predict the average mileage driven of your leased cars within a margin of error of 100 miles (you need this for your company’s financial disclosures). Suppose your average customer drives 10,000 miles a year, and your guess
for the standard deviation is about 500 miles. How big of a sample size do you need to generate a 99% confidence interval with a mean of 10,000 miles a year with a margin of error of 100 miles

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