You want to rent an unfurnished one-bedroom apartment for next semester. You take a random sample of 10 apartments advertised in the local newspaper and record the rental rates. Here are the rents (in dollars per month).610, 615, 485, 555, 570, 565, 300, 370, 660, 435Find a 95% confidence interval for the mean monthly rent for unfurnished one-bedroom apartments available for rent in this community.

95% confidence interval for the mean monthly rent is [433.31 , 599.69].

Step-by-step explanation:

We are given a random sample of 10 apartments advertised in the local newspaper with their rental rates. Here are the rents (in dollars per month);

610, 615, 485, 555, 570, 565, 300, 370, 660, 435

So, the pivotal quantity for 95% confidence interval for the mean monthly rent is given by;

            P.Q. = ~

where, = sample mean = Sum of all values ÷ Total no. of observations

                                          = 516.5

            s = sample standard deviation = = 116.3

            n = sample of apartments = 10

            = population mean monthly rent

So, 95% confidence interval for the population mean, is ;

P(-2.262 < < 2.262) = 0.95

P(-2.262 < < 2.262) = 0.95

P( < < ) = 0.95

P( < < ) = 0.95

95% confidence interval for = [ , ]

                                                 = [ , ]

                                                 = [433.31 , 599.69]

Therefore, 95% confidence interval for the mean monthly rent for unfurnished one-bedroom apartments available for rent in this community is [433.31 , 599.69].