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. Develop a 90% confidence interval estimate of the population mean monthly rent.
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.
Develop a 90% confidence interval estimate of the population mean monthly rent.
Develop a 95% c0nfidence interval estimate of the population mean monthly rent.
Develop a 99% confidence interval estimate of the population mean monthly rent,
What happens to the width of the confidence interval as the confidence level is increased. Does this seem reasonable? Explain.
excel please
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