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You Are Interested in Purchasing a New Car

Question 69

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You are interested in purchasing a new car. One of the many points you wish to consider
is the resale value of the car after 5 years. Since you are particularly interested in a certain
foreign sedan, you decide to estimate the resale value of this car with a 95% confidence
interval. You manage to obtain data on 17 recently resold 5-year-old foreign sedans of the
same model. These 17 cars were resold at an average price of $12,900 with a standard
deviation of $700. Create a 95% confidence interval for the true mean resale value of a
5-year-old car of that model.

Correct Answer:

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