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Confidence interval for the true mean time

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Reference no: EM131747836

Question: Marketing and Consumer Behavior According to a recent survey, Americans are keeping their cars longer. Some of the reasons may include the poor economy and better-built vehicles. A random sample of new- and used-car owners was asked how long they usually kept their car (in months).

a. Find a 99% confidence interval for the true mean time people keep a new car.

b. Find a 99% confidence interval for the true mean time people keep a used car.

c. Using your answers in parts (a) and (b), do you think new-car owners and used-car owners keep their cars for different lengths of times? Justify your answer.

Reference no: EM131747836

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