the police department in your city was asked by the mayors office to e
QUESTION
the police department in your city was asked by the mayors office to estimate the cost of crime. the police began their study with burglary records, taking a random sample of 500files since there were too many crime records to calculate statistics for all of the crimes committed. if the average dollar loss in a buglary, for this sample size 500 is $678 with a standard deviation of $560, construct the 95% confidence interval for the true average dollar loss in burglaries rounded to the nearest dollar amount. we can be 95% confident that the lower limit of our interval of dollar loss in crimes committed is?
Sample size=500 Average dollar loss=$678 Standard Deviation=$560 At 95% Confidence Interval, Standard error of mean=(standard deviation) / (square root (sample size)) 560/(sqrt(500)) = 25 Z value for 95% is 1.96, so for a mean¦
of $678 the confidence interval is 678 (+/-) 1.96*25 With + sign value is 727 With sign value is 629 The lower limit of the crime committed is $629.
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