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For the next 4 questions, please read the description below. A marketing company wants to know the...

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Statistics

For the next 4 questions, please read the descriptionbelow.

A marketing company wants to know the mean price of newvehicles sold in an up-and‑coming area of town. Marketingstrategists takes a simple random sample of 756 cars, and find thatthe sample has a mean of $27,400 and a standard deviation of$1300.

1. Assume that the population standard deviation is unknown.What is the error of estimate for a 95% confidence interval?

2. Assume that the population standard deviation is known to be$1500. What is the upper bound for a 98% confidence interval?

3. Assume that the population standard deviation is known to be$1500. Find the error of estimate for a 99% confidenceinterval.

4. Assume that the population standard deviation is known. Ifthe marketing strategists want the 90% confidence interval to bewithin $50 of the population mean, how many cars at minimum shouldthey sample?

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