You want to rent an unfurnished one-bedroom apartment in Boston next year. The m
ID: 3239925 • Letter: Y
Question
You want to rent an unfurnished one-bedroom apartment in Boston next year. The mean monthly rent for a random sample of 12 apartments advertised in the local newspaper is $1700. Assume that the standard deviation is $220. Find a 95% confidence interval for the mean monthly rent for unfurnished one-bedroom apartments available for rent in this community. (Round your answers to two decimal places.)
($____, $_____)
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.
Yes, this range implies that it will cover 95% of all of the rents in this 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.
No, this confidence interval would include 95% of all individual rents in the area.
Explanation / Answer
here std error of mean =std deviation/(n)1/2 =63.5085
for 11 degree of freedom and 95% CI; t=2.201
hence 95% Confidence interval =sample mean -/+ t*Std error =1560.22 ; 1839.78
No, this is a range of values for the mean rent, not for individual rents.
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