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Confidence interval for mean

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a large equipment rental company wants to estimate the mean number of days a piece of equipment is rented out. a random sample of 12 recent rentals shows a mean of 2.14 days and a standard deviation of 1.29 days. construct and explain a 99% confidence interval estimate of the population mean number of rental days for this type of equipment

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Solution Summary

Construction of confidence interval for population mean / proportion is discussed in the answer. Excel template for each problem is also included. This template can be used to obtain the answers of similar problems.

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A large equipment rental company wants to estimate the mean number of days a piece of equipment is rented out. a random sample of 12 recent rentals shows a mean of 2.14 days and a ...

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