The police department in your city was asked by the mayor's office to estimate the cost of crime. The police began their study with burglary
records, taking a random sample of 500 files since there were too many
crime records to calculate statistics for all of the crimes committed. If the
average dollar loss in a burglary, for this sample size 500 is $678, with a
standard deviation of $560, construct the 95% confidence interval for the
true average dollar loss in burglaries rounded to the nearest dollar amount.
We can be 95% confident that the lower limit of our interval of dollar loss
in crimes committed is $