A random sample of 100 automobile owners shows that, in the state of Virginia, an automobile is

Question:

A random sample of 100 automobile owners shows that, in the state of Virginia, an automobile is driven on the average 23,500 kilometers per year with a standard deviation of 3900 kilometers. Assume the distribution of measurements to be approximately normal.

(a) Construct a 99% confidence interval for the average number of kilometers an automobile is driven annually in Virginia.

(b) What can we assert with 99% confidence about the possible size of our error if we estimate the average number of kilometers driven by car owners in Virginia to be 23.500 kilometers per year?

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...