As part of their business promotional package, the Costa Rica Chamber of Commerce would like an estimate

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As part of their business promotional package, the Costa Rica Chamber of Commerce would like an estimate of the mean cost per day to lease a one-bedroom apartment. A random sample of 40 apartments currently available for lease showed the mean cost per day was $323. The standard deviation of the sample was $25.
a. Develop a 98% confidence interval for the population mean.
b. Would it be reasonable to conclude that the population mean is $350 per day?

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Basic Statistics For Business & Economics

ISBN: 9781259268939

6th Canadian Edition

Authors: Douglas A. Lind, William G Marchal, Samuel A. Wathen, Carol Ann Waite

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