Costs are rising for all kinds of medical care. The mean monthly rent at assisted living facilities was reported to have increased 17% over the last five years to $3486. Assume this cost estimate is based on a sample of 120 facilities and from past studies, it can be assumed that the sample standard deviation is $650. A) Develop a 90% confidence interval estimate of the population mean monthly rent. B) Develop a 95% c0nfidence interval estimate of the population mean monthly rent. C) Develop a 99% confidence interval estimate of the
Costs are rising for all kinds of medical care. The mean monthly rent at assisted living facilities was reported to have increased 17% over the last five years to $3486. Assume this cost estimate is based on a sample of 120 facilities and from past studies, it can be assumed that the sample standard deviation is $650.
A) Develop a 90% confidence
B) Develop a 95% c0nfidence interval estimate of the population mean monthly rent.
C) Develop a 99% confidence interval estimate of the population mean monthly rent,
D) What happens to the width of the confidence interval as the confidence level is increased. Does this seem reasonable? Explain.
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