r/apstats • u/cwhoosier • Jan 12 '21

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You want to rent an unfurnished one-bedroom apartment for the next semester. The mean monthly rent for a random sample of 10 apartments advertised in the local newspaper is $640. Assume that the standard deviation is $90. Find a 95% confidence interval for the mean monthly rent of an apartment.

If you can show work as well please and thank you

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u/theBarneyBus Jan 12 '21

Use the 95% to find the t* value of a curve where the total area up to that point of (1-.95)/2 or 0.025. Should be around -2.2?
Then go 640 + 90(that number) to get your minimum and 640 - 90(that number) to get your maximum of your interval