Question: An article in the Los Angeles Times (latimesblogs.latimes.com/pardonourdust/) quoted from the National Association of Realtors that "we now sell our homes and move an average of every six years." Suppose that the average time spent living in a house prior to selling it for a random sample of 400 recent home sellers was 6.18 years and the sample standard deviation was 2.87 years.
a. What is the point estimate of the corresponding population mean?
b. Construct a 98% confidence interval for the average time spent living in a house prior to selling it for all home owners. What is the margin of error for this estimate?