Question: Solve the problem. You are interested in purchasing a new car. One of the many points you wish to consider is the resale value of

Solve the problem. You are interested in purchasing a new car.

Solve the problem. You are interested in purchasing a new car. One of the many points you wish to consider is the resale value of the car after 5 years. Since you are particularly interested in a certain foreign sedan, you decide to estimate the resale value of this car with a 95% confidence interval. You manage to obtain data on 17 recently resold 5-year-old foreign sedans of the same model. These 17 cars were resold at an average price of $12,610 with a standard deviation of $700. What is the 95% confidence interval for the true mean resale value of a 5-year-old car of this model? 12,610 1.960(700/-/17) 12,610 2.120(700/-17) 12,610 2.110(700/-/17) O 12,610 2.120(700/-/16)

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