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In: Statistics and Probability

hoping to lure more shoppers downtown, a city builds a nee public parking garage in the...

hoping to lure more shoppers downtown, a city builds a nee public parking garage in the central business district. the city plans to pay for the structure through parking fees. for a tandom sample of 44 weekdays, daily fees collected averraged $126, with a standard deviation of $14.

find a 95% confidence interval for the mean daily income this parking garage will generate.

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Expert Solution

Level of Significance ,    α =    0.05          
degree of freedom=   DF=n-1=   43          
't value='   tα/2=   2.017   [Excel formula =t.inv(α/2,df) ]      
                  
Standard Error , SE = s/√n =   14/√44=   2.1106          
margin of error , E=t*SE =   2.0167   *   2.1106   =   4.256
                  
confidence interval is                   
Interval Lower Limit = x̅ - E =    126.00   -   4.2564   =   121.7436
Interval Upper Limit = x̅ + E =    126.00   -   4.2564   =   130.2564
95%   confidence interval is (   121.74   < µ <   130.26   )

orchestra answered 2 years ago
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