Last year, there were 512 burglaries in Groton, Georgia. The police chief wants to know the average economic loss associated with burglaries in Groton and wants to know it this afternoon. There isn’t time to analyze all 512 burglaries, so the department’s research analyst selects 10 burglaries at random, which show the following losses:
$ 1,550 …………… $ 1,874
$ 1,675 …………… $ 2,595
$ 1,324 …………… $ 1,835
$ 1,487 …………… $ 1,910
$ 2,246 …………… $ 1,612
What is the best estimate of the average loss on a burglary? Place 80% confidence limits around this estimate.