You are interested in purchasing a new car. One of the many points you wish to consider is the resale value of the car after 5 years of ownership. Since you are particularly interested in the Toyota Camry, you decide to estimate the resale value of the Camry with a 90% confidence interval. You manage to randomly obtain data on 17 recently resold 5 year old Toyota Camrys. These 17 cars were resold at an average price of $12,400. Assume the resale value of the Camry after 5 years of ownership is normally distributed. Write the formula that should be used to calculate the 90% confidence interval for the true mean resale value of the Camry after 5 years of ownership.
If the 90% confidence interval for the true mean resale value of the Camry after 5 years of ownership is from $12,103 to $12,697, what is the value for the sample standard deviation of the 17 cars in the sample? Assume all values below are rounded to the nearest dollar.
a) $625
b) $701
c) $744
d) Can't answer the question based on the information given.
e) None of the above are correct.