A random sample of 100 flats for rent in Sydney CBD was collected and the average weekly rent was $900 with a standard deviation of $250. Find and interpret a 95% confidence interval for the average weekly rent of all flats in Sydney. You need to show all details including checking the conditions. Write the lower limit and the upper limit of the interval up to 2 decimal places.  Is assumption met?(yes/no) find standard error, critical value,lower and upper limit, interpretation of result.

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.