2. Darrell applied for a $5,200 loan from his credit union to purchase new office furniture. The simple annual interest rate on
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Answer:
The 95% confidence interval for the average number of years until the first major repair is (3.1, 3.5).
Step-by-step explanation:
The (1 - <em>α</em>)% confidence interval for the average using the finite correction factor is:
The information provided is:
The critical value of <em>z</em> for 95% confidence level is,
<em>z</em> = 1.96
Compute the 95% confidence interval for the average number of years until the first major repair as follows:
Thus, the 95% confidence interval for the average number of years until the first major repair is (3.1, 3.5).