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An apartment complex developer is considering building apartments in College Town, but first wants a market study.
An apartment complex developer is considering building apartments in College Town, but first wants a market study. A sample was selected of monthly rent values ($) for 70 out of a population of 1200 studio apartments in College Town. Mean monthly rent is $ 500. (Based on past experience, the developer assumes a known value of = $55 for the population standard deviation.)
a. Develop a 98% confidence interval for the mean monthly rent for all studio apartments in the city.
b. Suppose the apartment developer wants a 98%confidence interval estimate of the population mean with a margin of error E=$10. What sample size is needed?
The answer my teacher got was 475.48 to 506.12 for part a and 162 for part b. I do not understand how she got those answers.
