The following data are monthly rents (in dollars) of studio and one-bedroom apartments in Harrisburg, Pennsylvania, in 2007, obtained from random sample of such apartments advertised at the rent.com in July 2007:
500, 549, 569, 575, 585, 600, 630, 680, 705, 790
The mean of such ten rent prices is $618.3, and standard deviation is $85.3.
1. Find out the standard error of the sample mean.
2. Explain what the population mean µ means in this context.
3. Find out a 95% confidence interval for µ.