Pinochle is a card game using 2 decks that consist of 12 cards in each of 4 suits-- spades, hearts, diamonds, and clubs. There a
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Answer:
The best point estimate for the mean monthly car payment for all residents of the local apartment complex is $624.
Step-by-step explanation:
The Central Limit Theorem estabilishes that, for a normally distributed random variable X, with mean and standard deviation
, the sampling distribution of the sample means with size n can be approximated to a normal distribution with mean
and standard deviation
.
In this question:
We apply the inverse Central Limit Theorem.
The mean monthy car payment for 123 residents of the local apartment complex is $624.
So, for all residents of the local apartment complex, the best point estimate for the mean monthly car payment is $624.