The mean monthly car payment for 121 residents of the local apartment complex is $372. What is the best point estimate for the mean monthly car payment for all residents of the local apartment complex

Needed point estimate is $372

Step-by-step explanation:

Given:

Number of houses in resident area = 121

Monthly mean car payment = $372

Find:

Best point estimate for the mean monthly car payment

Explanation:

The "best point estimate" for such average monthly automobile payment for all inhabitants of the nearby apartment complex is used as the "sample mean." In this example, a $372 sample was obtained on 121 residents.

As a result, the needed point estimate is $372.

c

step-by-step explanation:

step-by-step explanation:

part a. the differences are decreasing, so we know the sequence is not arithmetic. the ratios are constant (=3/4), so we know the sequence is geometric.

part b. from part a, we know the common ratio is 3/4, so each term is 3/4 of the one before. the initial term is the number of gallons at h=1.

g[h] = (3/4)·g[h-1]

g[1] = 384 . . . . initial value required for a recursive definition

part c. the general formula for a geometric sequence is

a[n] = a[1]·r^(n-1)

we have a[1] = 384, r = 3/4, and the term number given by h. the formula that follows is

g[h] = 384·(3/4)^(h-1)

part d. filling in the value and doing the arithmetic, we have

g[12] = 384·(3/4)^11 ≈ 384·0.042235136 ≈ 16.2183 . . gallons

part e. each gallon is 4 quarts, so

16.2183 gal × 4 qt/gal = 64.8732 qt