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23-10-2022
Mathematics

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Question 5
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A research group needs to determine a 99% confidence interval for the mean repair cost for all car insurance
small claims. From past research, it is known that the standard deviation of such claims amounts to $146.91.
a. What is the critical value that corresponds to the given level of confidence?
Round your answer to two decimal places.
b. If the group wants their estimate to have a maximum error of $16, how many small claims should they
sample?
Round your answer up to the next integer.
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