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zaharov [31]
3 years ago
10

The mean monthly car payment for 123 residents of the local apartment complex is $624. What is the best point estimate for the m

ean monthly car payment for all residents of the local apartment complex?
Mathematics
1 answer:
Natali [406]3 years ago
3 0

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 \mu and standard deviation \sigma, the sampling distribution of the sample means with size n can be approximated to a normal distribution with mean \mu and standard deviation s = \frac{\sigma}{\sqrt{n}}.

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.

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