Confidence interval for the population mean cost
A random sample of 55 standard hotel rooms in the Philadelphia, PA area has a mean nightly cost of $154.17 and a standard deviation of $38.60. Construct a 99% confidence interval for the population mean cost.
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In the absence of premilinary data, how large a sample must be taken so as to be sure that a 98% confidence interval will specify the proportion to within ±0.05.
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