Ersatz Beneficial Insurance Wants to Estimate the Cost of Damage

question 69

Multiple Choice

Ersatz Beneficial Insurance wants to estimate the cost of damage to cars due to accidents. The standard deviation of the cost is known to be $200. They want to estimate the mean cost using a 95 percent confidence interval within ± $10. What is the minimum sample size n?

• A)1083
• B)4002
• C)1537
• D)2301

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Definitions:

Palliative Care

A specialized area of healthcare focused on providing relief from the symptoms, pain, and stress of a serious illness, aimed at improving quality of life.

Terminally Ill

Refers to a person suffering from a disease or condition that is incurable and expected to lead to death.

Morphine

A potent opiate analgesic medication derived from the opium poppy, used to relieve severe pain.

Kübler-Ross's Stages

A model describing five stages of emotional and psychological response to grief and loss, including denial, anger, bargaining, depression, and acceptance.