Rod uses his automobile for both business and personal use and claims the automatic mileage rate for all purposes.During 2012, his mileage was as follows:
How much can Rod claim for mileage?
Definitions:
Interval Estimate
An estimate of a population parameter that specifies a range within which the parameter is estimated to lie.
Population Parameter
Any numerical quantity that characterizes a given population or some aspect of it.
Confidence Interval
A continuum of estimates, garnered from sample data analysis, presumed likely to contain the concealed value of a population trait.
Population Mean
The average of a set of numerical values of an entire population.
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