The Mean Replacement Time for a Random Sample of 12

question 33

Multiple Choice

The mean replacement time for a random sample of 12 CD players is 8.6 years with a standard deviation of 3.4 years. Construct the 99% confidence interval for the population variance, σ2.
Assume the data are normally distributed, and round to the nearest hundredth when necessary.

• A) (2.18, 6.99)
• B) (1.4, 14.37)
• C) (4.75, 48.85)
• D) (5.14, 41.64)

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Definitions:

Routine Problem Solving

A quick decision-making process used for addressing simple or frequently encountered problems.

Habit

A regular behavior or routine that is repeated often and tends to occur subconsciously.

Brand Loyalty

Brand loyalty is the tendency of consumers to continuously purchase the same brand's products or services over competitors due to favorable experiences or perceptions.

Consistent Purchase

The behavior of consumers repeatedly buying the same brand or product over time.