Question

As part of their business promotional package, the Milwaukee Chamber of Commerce would like an estimate of the mean cost per month to lease a one-bedroom apartment. The mean cost per month for a random sample of 40 apartments currently available for lease was $884. The standard deviation of the sample was $50.

a. Develop a 98 percent confidence interval for the population mean.

b. Would it be reasonable to conclude that the population mean is $350 per month?

Answer 1

1. X1=884-19.18

X2=884+19.18

2. It is unreasonable to conclude the population mean is $350

Step-by-step explanation:

Kindly check the attached picture for detailed explanation and answer