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Apartment rents
You randomly choose 16 unfurnished one-bedroom apartments from a large number of advertisements in your local newspaper. You calculate that their mean monthly rent is $658 and their standard deviation is $111.
(a) What is the standard error of the mean?
(b) What are the degrees of freedom for a one-sample t statistic?
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In order to receive full credit on calculated answers, please show your work. (Use Word's equation editor, etc., and/or provide a short written description as to how you obtained the final result.)
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