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The average cost per night of a hotel room in New York City is $431. Assume this estimate is based on a sample of 55 hotels and that the sample standard deviation is $48.
(Please note that this problem uses the t-distribution. Zero points will be awarded if you use the standard normal distribution.)
a. At 90% confidence, what is the interval estimate for the population mean?
b. At 95% confidence, what is the interval estimate for the population mean?
c. At 99% confidence, what is the interval estimate for the population mean?
d. Describe the effect of a higher confidence level on the margin of error.
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