As part of their business promotional package, the Milwaukee Chamber of Commerce would like an estimate of the mean cost per month of a one-bedroom apartment. A random sample of 40 apartments currently available for lease showed the mean cost per month was $323. The standard deviation of the sample was $25.
a. Develop a 98 percent confidence interval for the population mean.
b. Would it be reasonable to conclude that the population mean is $350 per month?