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Apartment rental rates. You want to rent an unfurnished two-bedroom apartment in Dallas next year. The mean monthly rent for a random sample of 10 apartments advertised in the local newspaper is $1050. Assume that the monthly rents in Dallas follow a Normal distribution with a standard deviation of $220. Find a 95% confidence interval for the mean monthly rent for unfurnished two-bedroom apartments available in Dallas.

Respuesta :

Answer:

[$913.64, $1186.36]

Explanation:

Data provided in the question:

Sample size, n = 10 apartments

Mean monthly rent =  $1050

Standard deviation, s = $220

Confidence level = 95%

Now,

Confidence interval = Mean ± [tex][z\frac{s}{\sqrt n}][/tex]

here,

z = 1.96 for 95% confidence level from standard z table

thus,

Confidence interval = $1050 ± [tex][1.96\times\frac{\$220}{\sqrt {10}}][/tex]

or

Confidence interval = $1050 ± 136.36

or

Confidence interval = [$1050 - $136.36, $1050 + $136.36]

or

Confidence interval = [$913.64, $1186.36]

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