An automobile insurance firm wants to find the average

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Reference no: EM13607416

An automobile insurance firm wants to find the average amount per claim for auto body repairs. Its summary records combine amounts for body repair with all other amounts, so a sample of individual claims 'must be taken. A similar study done in the previous year shows that the standard deviation is about $400.

A 90% confidence interval with a width no greater than $50 (i.e., margin of error = $25) is wanted. How large a sample is need? Your answer should be an integer.

A 95% confidence interval with a width no greater than $50 (i.e., margin of error = $25) is wanted. How large a sample is need? Your answer should be an integer.

Does your sample size in parts a, b, and c increase as the confidence level C increases?

Reference no: EM13607416

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