You are interested in purchasing a new car and have done some research. one of the many points you wish to consider is the resale value of the car after 5 years. you wish to estimate the resale value of the one that piques your interest with a 99% confidence interval. in your research, you obtain data on 17 recently resold 5-year-old sedans of the same model you wish to purchase. these 17 cars were resold at an average price of $12,500 with a standard deviation of $700. what is the 99% ci for the true mean resale value?

Varto company has 9,400 units of its sole product in inventory that it produced last year at a cost of $23 each. this year’s model is superior to last year’s, and the 9,400 units cannot be sold at last year’s regular selling price of $42 each. varto has two alternatives for these items: (1) they can be sold to a wholesaler for $8 each, or (2) they can be reworked at a cost of $251,100 and then sold for $34 each. prepare an analysis to determine whether varto should sell the products as is or rework them and then sell them.