1. Hoping to lure more shoppers to downtown, the city builds a new public parking garage in the central business district. The city plans to pay for the structure through parking fees. During a two-month period (44 weekdays), daily fees collected. The sample of 44 resulted in a sample mean of = $1,264 and a sample standard deviation of S = $150.
2. Use the sample data to construct a 95% confidence interval for the mean daily income this parking lot will generate. Interpret your findings.
3. What is the margin of error for the confidence interval in part a?
4. The consultant who advised the city of this project predicted that parking revenues would average $1,500 per day. On the basis of your confidence interval in part a, do you think the consultant was correct? Why or why not. Discuss