Question

AnnArbor_Rental. Real Estate investment in college towns continues to promise good returns (The Wall Street Journal,...

AnnArbor_Rental. Real Estate investment in college towns continues to promise good returns (The Wall Street Journal, September 24, 2010). Marcela Treisman works for an investment firm in Michigan. Her assignment is to analyze the rental market in Ann Arbor, which is home to the University of Michigan. She gathers data on monthly rents for 2011 along with the square footage of 40 homes. A portion of the data is shown in the accompanying table.

Use full data file to calculate

Monthly Rent

Square footage

645

500

675

648

760

700

800

903

820

817

850

920

855

900

859

886

900

1000

905

920

905

876

929

920

960

975

975

1100

990

940

995

1000

1029

1299

1039

1164

1049

1180

1050

1162

1084

1163

1100

1020

1100

1150

1185

1225

1245

1368

1275

1400

1275

1350

1400

1185

1450

1200

1500

1412

1518

1700

1600

1440

1635

1460

1635

1460

1650

1170

1750

1944

1950

2265

1975

1700

2200

4319

2400

2700

  1. Construct 90% and 95% confidence intervals for the mean rent for all rental homes in Ann Arbor, Michigan.
  2. Construct a 90% and 95% confidence intervals for the mean square footage for all rental homes in Ann Arbor, Michigan.

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