For a random sample of 20 automobile models, we record the value of the model as a new car and the value after the car has been purchased and driven 10 miles.¹ The difference between these two is a measure of the depreciation on the car just by driving it off the lot. Depreciation values from our sample of 20 automobile models can be found in the dataset Car Depreciation.

Click here for the dataset associated with this question.

(a) Find the mean and standard deviation of the Depreciation amounts in Car Depreciation.

Mean =$

Standard deviation =

(b) Use StatKey or other technology to create a bootstrap distribution of the sample mean of depreciations. Describe the center and spread of this distribution.

Center =

Standard error =

(c) Use the standard error obtained in your bootstrap distribution to find a 95% confidence interval for the mean amount a new car depreciates by driving it off the lot.

The interval is $ to


¹New and used automobile costs were determined using 2015 models on kellybluebook.com.

 

Car	New	Used	Depreciation
Mazda3	17956	15326	2630
Buick Encore	23633	21498	2135
Toyota Corolla	16091	14761	1330
Chevrolet Tahoe	45489	43463	2026
Chevrolet Equinox	21596	19149	2447
Ford Fiesta	14246	12220	2026
BMW 528i	46227	44582	1645
Mitsubishi Mirage	14013	11603	2410
GMC Yukon	47295	45635	1660
Dodge Dart	16139	13880	2259
Honda Accord Hybrid	27124	25008	2116
Audi Q5	37521	35579	1942
Hyundai Elantra	16807	14876	1931
Kia Sedona	25710	22178	3532
Dodge Grand Caravan	21337	17390	3947
Lexus CT	30743	27182	3561
Lincoln MKZ Hybrid	33522	30892	2630
Mercedez-Benz E-Class	47178	42956	4222
Scion tC	19748	18697	1051
MINI Countryman	25130	23513	1617

Answer rating: 100% (QA)

For a random sample of 20 automobile models we record the value of the model a... View the full answer