Estimate the population mean number of rental days

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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 14 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.

Reference no: EM13239764

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