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You are doing some research on the cost of one bedroom apartments in town. Based on...

You are doing some research on the cost of one bedroom apartments in town. Based on prices from previous years, a real estate agent gives you the information that σ is approximately $55 and μ is approximately 675 per month . Assume that price follows roughly a normal distribution. You have randomly selected 25 apartments for which the price was published. The average price for these apartments is ?̅=695. You are to construct a 95 percent interval estimation for μ

a. What is/are the critical value(s)?

b. What is th e standard error?

c. What is the margin of error?

d. Construct the interval.

e. Can we still say that ?=675?

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