Assisted-Living Facility Rent. Costs are rising for all kinds of medical care. The mean monthly rent at assisted-living facilities was reported to have increased 17% over the last five years to $3486. Assume this cost estimate is based on a sample of 120 facilities and, from past studies, it can be assumed that the population standard deviation is .

Complete Question

Assisted-Living Facility Rent.Costs are rising for all kinds of medical care. The mean monthly rent at assisted-living facilities was reported to have increased 17% over the last five years to $3486 (the Wall Street Journal, October 27, 2012). Assume this cost estimate is based on a sample of 120 facilities and, from past studies, it can be assumed that the population standard deviation is s = $650. a. Develop a 90% confidence interval estimate of the population mean monthly rent.

Step-by-step explanation:

Sample Size n=120

Mean \=x =3486

Standard Deviation \sigma=650

Confidence interval CI=0.9

Therefore

Level of sig

Therfore

The Critical Value from table is

Z_c=1.645

Generally the equation for Standard error is mathematically given by

Generally the equation for Margin error is mathematically given by

Therefore

Lower limit

Upper limit:

Therefore The  90% confidence interval estimate of the population mean monthly rent.

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20%

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