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An apartment complex developer is considering building apartments in College Town, but first wants to do a market study.  A sample of monthly rent values ($) for studio apartments in College Town was taken.  The data collected from the 61-apartment sample resulted in a sample mean of $490.80.

a.   (Based on past experience, the developer assumes a known value of $45 for the population standard deviation.) Develop a 98% confidence interval for the mean monthly rent for all studio apartments in this city. (Give your answer to two decimal places)

b.   (Suppose the developer makes no assumptions about the true population standard deviation, but finds that the sample standard deviation of month rent is $45 for the 61-apartment sample.)  Develop a 98% confidence interval for the mean monthly rent for all studio apartments in this city.  (Give your answer to two decimal places)

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Mathematics bbonilla1 2 months 0 Answers 30 views 0

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