In given problem, give 0.95 probability bounds on the value of the sample mean that would be obtained. Also give 0.90 probability bounds on the value of the sample mean.
Problem :-
Residential real estate in New York rents for an average of $44 per square foot, for a certain segment of the market. If the population standard deviation is $7, and a random sample of 50 properties is chosen, what is the probability that the sample average will be below $35?