Answer:
($825.47,$1134.53) is the required 95% confidence interval.
Step-by-step explanation:
We are given the following in the question:
Sample mean, [tex]\bar{x}[/tex] = $980
Sample size, n = 14
Alpha, α = 0.05
Population standard deviation, σ = $295
95% Confidence interval:
[tex]\bar{x} \pm z_{critical}\dfrac{\sigma}{\sqrt{n}}[/tex]
Putting the values, we get,
[tex]z_{critical}\text{ at}~\alpha_{0.05} = 1.96[/tex]
[tex]980 \pm 1.96(\dfrac{295}{\sqrt{14}} ) \\\\= 980 \pm 154.53 \\\\= (825.47,1134.53)[/tex]
($825.47,$1134.53) is the 95% confidence interval for the mean monthly rent for unfurnished one-bedroom apartments.
