You want to real en unfurnished one-bedroom apartment in Boston next year. The m

Question

You want to real en unfurnished one-bedroom apartment in Boston next year. The mean monthly rent for a random sample of 16 apartments advertised in the local newspaper if $1300. Assume that the standard deviation is $230. Find a 95% confidence interval for the mean monthly rent for unfurnished one-bedroom apartments available for rent in this community. (Round your answers to two decimal places.) ($, $) Will the 95% confidence interval include approximately 95% of the rents of all unfurnished one-bedroom apartments In this area? Explain why or why not. No, this confidence interval would include 95% of all individual rents in the area. Yes, this is a range where 95% of the means and individual costs will be covered by the interval. It is impossible to know because we would have to find all of the rents for unfurnished one-bedroom apartments in this area. No, this is a range of values for the mean rent, not for individual rents. Yes, this range implies that it will cover 95% of all of the rents In this area.

Explanation / Answer

here std error of mean =std deviaiton/(n)1/2 =57.5

for 95% CI, z=1.96

hence confidence interval =mean +/- z*std error =1187.30 ; 1412.70

b)no this is a range of values of the mean rent, not for individual rents

please revert.

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