Determining confidence interval for true mean cost

Reference no: EM1321397

Q1) In standard normal distribution the variance is always.

Q2) Auditor wishes to evaluate what proportions of bank's commercial loan files are incomplete. Auditor randomly samples 100 files and determines 9 are incomplete. Using 95% confidence interval, evaluate true proportion of incomplete files for ALL the bank's commercial loans.

Q3) Determine P(9 < x < 15) when mu = 12 and sigma = 2. Write down your steps in probability notation.

Q4) Automobile safety engineer wishes to evaluate mean cost to repair a Chevy Corvette involved in a 30 mile per hour head-on collision. Engineer crashes 20 Corvettes and determine mean damage is $16,300 with standard deviation of $2,330. Determine a 95% confidence interval for true mean cost to repair this type of car.

Reference no: EM1321397

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