A real estate company appraised the market value of 25 randomly selected homes in a district of
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Question:
A real estate company appraised the market value of 25 randomly selected homes in a district of Perth and found that the sample mean and sample standard deviation were $236,500 and $23,000, respectively. Can you construct a confidence interval estimate of the mean appraisal value of all the homes in this district with 90% confidence? If so, do so, stating: (a) any assumptions you make, (b) the estimator you will use, (c) the estimate you construct, and (d) your interpretation of your interval estimate. If you cannot construct an interval estimate, explain why not.
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