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You would like to rent an unfurnished one–bedroom apartment in Braamfontein, Johannesburg next year. The mean...

You would like to rent an unfurnished one–bedroom apartment in Braamfontein, Johannesburg next
year. The mean monthly rent for a random sample of 50 apartments advertised on Property24 is
R2500: Assume that the population standard deviation is R600 and that the monthly rentals are
normally distributed. Create a 90% confidence interval for the mean monthly rent.

Math   Statistics-And-Probability   
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Answer #1

n = 50     

x-bar = 2500     

s = 600     

% = 90     

Standard Error, SE = σ/√n =    600 /√50 = 84.85281374

z- score = 1.644853627     

Width of the confidence interval = z * SE =     1.64485362695147 * 84.8528137423857 = 139.5704584

Lower Limit of the confidence interval = x-bar - width =      2500 - 139.570458441201 = 2360.429542

Upper Limit of the confidence interval = x-bar + width =      2500 + 139.570458441201 = 2639.570458

The confidence interval is [2360.43, 2639.57]

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