Question

you want to rent an unfinished one bedroom apartment in west orange next year. the mean...

you want to rent an unfinished one bedroom apartment in west orange next year. the mean monthly rent for a simple random sample of 25 appartment advertised in the local newspaper is $1,6000 and the standard deviation is $240

find a 99% confidence interval for the mean monthly rent for unfurnished one bedroom apartment available for rent in this community

Homework Answers

Answer #1

Here we need to find 99% confidence interval for the monthly rent for unfurnished one bedroom apartment

Xbar=16000

sd=240

n=25

We need to find z value for 0.5% area towards left and right side of the normal distribution

Z= (Xbar-mu)/(sd/sqrt(n))

mu=Xbar-Z*sd/sqrt(n)

Now the Z value for 0.5% area towards left and right side of the curve is -2.58 and +2.58 from Z table

mu=16000-2.58*240/sqrt(25)

mu=15876.16

&

mu=16000+2.58*240/sqrt(25)

mu=16123.84

Hence here we say that a 99% confidence interval for the mean monthly rent for unfurnished one bedroom apartment available for rent in this community is ranging from 15876.16 to 16123.84

Hope the above answer has helped you in understanding the problem. Please upvote the ans if it has really helped you. Good Luck!!

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