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?