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During a two month period, daily fees collected for city reconstruction averaged $126...?
with a standard deviation of $15.

A) What assumptions must you make in order to use these statistics for inference?
B) Write a 90% confidence interval for the mean daily income this parking garage will generate.
C) Can you explain in context what this confidence interval means?
D) Can you explain what the 90% confidence interval means in this context.
E) The consultant who advised the city on this project predicted the parking revues would average $130 per day. Based on your confidence interval, do you think the consultant was correct? Why?

 

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